CALL TMB: 253-449-8330

748 Market Street, Tacoma, WA 98402

Jumbo Loan Tacoma

Jumbo Loan Tacoma

For many people looking for home ownership, getting a mortgage is more practical than paying in cash. When searching for a property to acquire, extend your search to cover different types of mortgages. The emphasis on research is underlined by the lengthy commitment period for this type of loan. Ideally, you want to find a financial arrangement you find comfortable. 

Types of Mortgages 

There are different mortgage products for different types of homeowners. A deposit is constant, but the amount fluctuates, starting from as little as 3 % of the home's value. Excellent credit rating is desirable, but there are products designed for those with poor ratings. The standard mortgage types include:

Conventional mortgages- They lack any federal backing and target borrowers with a good history of employment, income, and good credit. They also need to raise the 3% deposit requirement, or 20%, to forego private mortgage insurance. 

Conforming mortgage loans- These adhere to certain limits defined by the government. These vary depending on region, but the Federal Housing Finance Agency sets the baseline of a little under $500,000 for single-unit homes applies in Tacoma. Places such as New York with higher real estate prices have higher limits.

Non-conforming mortgage loansTacoma Mortgage lenders offer loans with no Fannie Mae or Freddie Mac backing. The most common non-conforming mortgages are jumbo loans. Jumbo loans exceed usual loan limits and require sizeable deposits and excellent credit standings to qualify.

Federal Housing Administration Loans- For first-time buyers who find conventional mortgages inaccessible. They are lenient with credit rating but require mortgage insurance for the entirety of the loan.

Others are USDA and VA loans, both backed by the government.

Jumbo Loans

These mortgages carry more risk for the lenders because they absorb all losses should a borrower default. They feature either fixed or adjustable interest rates.


A FICO score of over 700 is required to qualify. Some mortgage lenders in Tacoma, Washington, may require 720 as a minimum score. It goes up to 740 or 760 for those looking to purchase second homes or for loans above $1.5m 

A low debt to income ratio is also a prerequisite to ensure you retain the capacity to meet your repayment obligations. A limit of 45% usually applies unless you have sizeable cash reserves. Having considerable savings makes you more eligible for the loan, especially if they can cover at least a year of payments.

You need enough documents to verify your financial status. These include tax returns, bank statements, investment accounts, and W-2s.

Though the national average is 20%, good Mortgage brokers in Tacoma, WA, can find you deals that only require 10%.

Higher mortgage rates typify jumbo loans. Depending on the landscape at the time of searching, you can find lenders offering conforming loan rates. The loan limit for jumbo loans is around $822,375 but can be higher in areas with pricey real estate. 

These loans are recommended for people who want freedom with the type of properties they wish to acquire. Those meeting the requirements can use them to acquire vacation houses or large investment estates.

Please contact Tacoma Mortgage Brokers (TMB) at 253-449-8330 or visit our website to check out our loan products today.


Jumbo Loan Tacoma
Tacoma Mortgage Brokers
Jumbo Loan Tacoma
748 Market St
Tacoma WA 98402 US

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