Getting a jumbo loan as a 1st time home buyer

New
LVOf37

New

LVOf37
Mar 23, 2021 113 Comments

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

comments

Want to comment? LOG IN or SIGN UP
TOP 113 Comments
  • Splunk
    MottaKundi

    Go to company page Splunk

    MottaKundi
    Yes. Find another lender
    Mar 23, 2021 6
    • Lyft
      ab345

      Go to company page Lyft

      ab345
      Try Wells Fargo or US bank. Individual mortgage brokers also vary greatly in quality but it's hard to find information on them.
      Apr 19, 2021
    • Financial Services Company
      sacking23

      Financial Services Company

      sacking23
      If you still need the loan let me know
      Apr 22, 2021
  • We found our dream home in seattle too for $1.9m. Hope we are not bidding on the same one
    Mar 23, 2021 3
    • Best of luck. I hope you get it. This market is insane though
      Mar 24, 2021
    • New
      LVOf37

      New

      LVOf37
      OP
      Thank you! Someone offered over 2 million so we will continue our hunt. Hope you get yours too!
      Mar 24, 2021
  • Google
    paperband

    Go to company page Google

    paperband
    Try Wells Fargo. I got a jumbo loan easily
    Mar 23, 2021 10
  • New
    NtpP40

    New

    NtpP40
    Also your mortgage broker sucks.
    Mar 23, 2021 1
    • New
      LVOf37

      New

      LVOf37
      OP
      Thank you! She is a senior officer so I believed her and thought all hope was lost. So glad she is wrong!
      Mar 23, 2021
  • Facebook / Eng
    lostpswd

    Go to company page Facebook Eng

    lostpswd
    Heard this for the first time. All my friends including myself got a jumbo loan in last 6 months. All of us were 1st time home buyers. Try Wells Fargo.
    Mar 23, 2021 4