Shopping for a home in Bellevue or the Eastside, you may cross into jumbo financing sooner than you expect. Prices move quickly and requirements can feel opaque. You deserve a clear playbook so you can shop with confidence and write stronger offers. This guide breaks down what counts as a jumbo loan in 2024, what lenders look for, how rates behave, and how to prepare a clean, competitive file in Bellevue. Let’s dive in.
What is a jumbo loan?
A mortgage is considered “jumbo” when the loan amount is above the county’s conforming loan limit set by the Federal Housing Finance Agency (FHFA). Loans at or below that limit follow Fannie Mae and Freddie Mac guidelines. Loans above the limit are non-conforming, also called jumbos.
For 2024, the FHFA set the national baseline one-unit conforming limit at $766,550 and the high-cost ceiling at $1,149,825. King County’s specific limit is assigned by FHFA each year. Because limits change annually, verify the number for your purchase year using the FHFA conforming loan limit lookup or ask your lender to confirm what applies for King County.
2024 limits and Bellevue reality
Bellevue and nearby Eastside cities have home values well above the national median. That means many single-family homes and luxury condos will require jumbo financing unless you make a larger down payment to keep your loan under the conforming cap. Treat “jumbo” as a moving target tied to the current year’s county limit.
What lenders require for jumbos
Jumbo loans do not follow a single agency rulebook. Lenders use investor or in-house guidelines, which are usually stricter than conforming rules.
Down payment and LTV
- Many well-qualified buyers put 10 to 20% down.
- Putting 20% or more often improves pricing and approval odds.
- Very large “super-jumbo” loans (often above $2–$3 million) may need 25–30% down.
Reserves after closing
- Expect 6 to 12 months of total housing payments in liquid reserves.
- Strong profiles may qualify with about 6 months.
- Super-jumbos or complex files can require 12+ months.
Credit score and DTI
- Target a 700–740+ credit score for most jumbo programs. The best pricing often starts in the mid-700s.
- Many lenders cap debt-to-income (DTI) at 43%. Some allow up to 50% with strong compensating factors like large reserves and low LTV.
Income documentation
- Plan on full documentation: two years of tax returns, W-2s, recent pay stubs, and full asset statements.
- Self-employed buyers often need two years of business returns and profit-and-loss statements. Some non-QM or bank-statement programs exist but usually come with higher rates and stricter down payment and reserve rules.
For a refresher on the mortgage process and what documents to gather, the Consumer Financial Protection Bureau’s mortgage resources are a helpful starting point.
Property and appraisal
- High-value or unique homes may require specialty appraisers and more time to find comparable sales.
- For condos and PUDs, lenders review the HOA’s financials, owner-occupancy, and litigation status. Some jumbo lenders require full project approval.
How jumbo rates behave
Jumbo and conforming rates do not always move in lockstep. Conforming loans benefit from agency guarantees. Jumbos are funded by private investors or bank portfolios, so pricing depends on market demand, each lender’s risk appetite, and your profile.
- In some markets, jumbo rates have been similar to or slightly below conforming rates for top-tier borrowers.
- In other periods, jumbos price higher because investors want a premium for liquidity and risk.
- The spread shifts. Always compare multiple quotes on the same day.
What lowers your rate:
- Higher down payment and lower LTV.
- Stronger credit scores and documented reserves.
- Paying points if you plan to hold the loan long term.
- Working with a lender that specializes in jumbo or offers in-house portfolio options.
Pre-approval that wins in Bellevue
A jumbo pre-approval often goes deeper than a basic pre-qual.
- Expect full asset verification and seasoned funds. Lenders commonly verify reserves during pre-approval.
- Many competitive buyers seek a pre-underwritten approval, where an underwriter reviews your file before you shop. This can give sellers more confidence in your offer.
- Some lenders require more documentation before locking a jumbo rate. Ask what is needed to lock and for how long.
Timeline and common pitfalls
High-value transactions can take a bit longer, especially for appraisals and condo reviews. Plan ahead to avoid surprises.
Watch out for:
- Overestimating funds if part of your down payment comes from gifts or retirement accounts. These often have timing and documentation rules.
- Underestimating reserve requirements. You must show liquid assets remaining after closing.
- Delays from condo project approval. Get HOA docs to your lender early.
- Tight appraisal turn times on unique or custom homes.
Bellevue and Eastside specifics
- Many Eastside purchases trigger jumbo financing because of higher prices.
- Downtown Bellevue and Kirkland condo projects may face extra lender scrutiny. Early HOA review helps you keep timelines on track.
- Local and regional banks, as well as credit unions, often offer competitive portfolio jumbo options. Shopping both local and national lenders can improve pricing and terms.
- In competitive situations, a pre-underwritten approval and clean financing timeline help your offer stand out next to cash.
Practical buyer checklist
Use this quick plan to stay ahead of the process and strengthen your offer:
- Compare lenders early. Ask about minimum credit scores, maximum LTV, reserves, and whether they offer portfolio jumbos.
- Aim for a fully documented or pre-underwritten approval. Provide complete income and asset verification up front.
- Gather two years of tax returns, W-2s or K-1s, recent pay stubs, and all asset statements.
- Confirm the current King County conforming loan limit to see if your loan will be jumbo. Use the FHFA loan limit lookup for your purchase year.
- If buying a condo, request HOA financials and key project documents early so your lender can review them.
- Plan for reserves. Keep funds seasoned and documented, and avoid large unexplained deposits.
- Discuss rate buydowns and points based on how long you plan to keep the home and loan.
- Ask about appraisal timelines and whether a second appraisal could be required for very high-value homes.
- Compare total cost, not just the rate. Look at points, lender fees, and third-party fees.
- Work with a local agent experienced in high-value Eastside transactions who can coordinate with your lender and keep the file moving.
How we help Eastside buyers
You get calm, detailed guidance from a team that lives the local market every day. We coordinate with trusted jumbo lenders, flag appraisal and condo-review risks early, and help you structure a clean financing plan that supports a winning offer. If a home has remodel potential, we also advise on scope and cost so you can choose the right loan structure with confidence.
Ready to map your financing strategy to the right Eastside home search? Connect with Stephanie Stanford for a tailored plan.
FAQs
What is a jumbo loan in King County?
- A jumbo loan exceeds the FHFA’s conforming loan limit for the county and year; verify the current King County limit with the FHFA lookup or your lender.
How much down payment do I need for a jumbo?
- Many buyers put 10 to 20% down, though 20% or more can improve pricing and approval odds, and very large loans may require 25–30%.
Are jumbo rates higher than conforming rates?
- It depends on market conditions and your profile; sometimes jumbo rates are similar to conforming, other times they are higher, so compare multiple quotes.
How many months of reserves will I need?
- Many lenders want 6 to 12 months of total housing payments in liquid reserves, and super-jumbos can require 12+ months.
How is jumbo pre-approval different?
- Jumbo pre-approval usually involves full income and asset verification and is often stronger if pre-underwritten by an underwriter before you shop.
What should condo buyers know about jumbo financing?
- Lenders closely review HOA financials, owner-occupancy, and litigation; early project review helps avoid delays and keeps your financing on track.
