Portland, Vancouver, and Southwest Washington
For those seeking a jumbo loan in Oregon, Washington or California for a new purchase, or for those who could benefit from refinancing an existing jumbo loan, Summit Mortgage Corporation is your link to a competitive jumbo mortgage opportunity.
The conforming loan limit in Portland is $417,000 (loan limits are based on where you live). The jumbo mortgage standard is set by the two government-sponsored enterprises: Fannie Mae (FNMA) and Freddie Mac (FHLMC). They set the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae and Freddie Mac are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage”. The average interest rates on jumbo mortgages are typically higher than conforming mortgages.
Summit Mortgage Corporation can lend on:
- Purchase and refinances
- 30-year fixed up to $2 million with only 20% down payment
- 15-year fixed or 5-year Adjustable Rate Mortgages (ARM) up to $4 million with only 20% down payment
- Minimum credit (FICO) required: 740
Jumbo loans can allow a homeowner to consolidate their loans, rather than having two separate monthly payments.
We want to make sure that our clients always have the best mortgage products for their financial circumstances – even as their situations change. It is critical to work with a mortgage lender who acts much like a trusted financial advisor. Contact one of our trusted mortgage bankers to discuss your eligibility and guidelines for jumbo loans today.