Getting a jumbo loan as a 1st time home buyer
I’m beyond shocked. We found our dream home for $1.9m in Seattle. We qualified based on our $440k salary plus $500k down payment. Well, our mortgage broker just emailed us the night before offer review date saying they can’t find a jumbo loan lender to lend to a 1st time home buyer? So we can only buy something for $1.2million now which will buy us nothing in Seattle. (Max conforming loan of $822k plus $400k down payment and money for closing/reserves) Can you get a jumbo loan as a first time home buyer?? We have saved up for years to have this down payment and are devistated. #mortgage #housing
We found our dream home in seattle too for $1.9m. Hope we are not bidding on the same one
It’s in Bellevue, and offer review date is tomorrow morning but we have no loan 😖
Best of luck. I hope you get it. This market is insane though
I have a friend who is struggling to get his jumbo refinanced as well. I don’t think anything to do with first time home buyer. Lenders are not interested in risk. They all want government security.
Thank you, that def makes sense
What's the maximum amount that can be borrowed through a conventional loan?
Try Wells Fargo. I got a jumbo loan easily
Thank you! You are a first time home buyer? We don’t bank with Wells Fargo, does that matter?
You don’t need to bank with a specific institution to get a mortgage through them
What mortgage company is this? Is your credit score too low or something?
No it’s a broker that said she couldn’t find a mortgage broker that will lend a jumbo to a 1st time home buyer. She told us this after she said we qualify for $1.9m. But said since we are 1st time home buyers no one will lend to us
I would suggest try something like better.com or a referral from someone if it is urgent.
And yes to finding another lender. You can get a jumbo loan as a first timer
Thank you! So maybe we won’t use a broker and just check with banks. Any suggestions?
Sorry just seeing your message. We did our mortgage thru a bank because we got a better deal than 2 brokers. All the suggestions you got in this thread is good
Also your mortgage broker sucks.
Thank you! She is a senior officer so I believed her and thought all hope was lost. So glad she is wrong!
Look for lenders yourself. Try better, loandepot, rusterr(you can find out who can lend you here). Do not rely on your broker for finding lender. Also, in HCOL cities majority of first time home buyers get jumbo loans.
Thank you! Are you in Seattle? Any suggestions? Will it hurt my credit to keep applying for jumbo loans at different banks?
If you already have a hard pull it doesn't impact your credit score for another 30 days (or 45 maybe) from the date of first pull if you apply at how many other places. https://www.equifax.com/personal/education/credit/report/understanding-hard-inquiries-on-your-credit-report/
This mortgage broker is an idiot.
You can definitely get a jumbo loan... find someone better
Thank you! Any suggestions on how to find one? Or which banks to check with?
Want my contact and the one I’m currently using? He’s really good
Yes. Find another lender
Thank you! Any suggestions?
Check with Caliber home loans