Jumbo mortgage loan programs were probably the hardest hit segment of the mortgage market in Colorado and throughout the country. Jumbo mortgage loans were prevalent prior the mortgage industry meltdown a few years ago. While there are not as many options and the guidelines are tougher then before, there are still many Jumbo mortgage loan options for Colorado home buyers.
Most Jumbo mortgages in Colorado are adjustable rate mortgages, usually 5/1, 7/1, or 10/1 ARM. The initial period (5, 7, or 10 years) the rate is fixed at the initial interest rate and the rate can then adjust based on the market at that time. There are fixed rate Colorado jumbo mortgage programs available, however, the interest is typically much higher than the adjustable rate options.
Colorado jumbo loans typically require 20% in equity and you can obtain a Jumbo loan in Colorado up to $3 million at lower loan to value ratios. However, you may want to consult a CPA as the IRS does restricts mortgage intrest deduction to $1 million for mortgages obtained to purchase a home in Colorado. Most jumbo loans will require a credit score above 680 or 700 is you are self-employed and a debt-income ratio of 45% or below.
There are a select few lenders allowing home buyers to qualify for a jumbo mortgage in Colorado with only 10% equity, but they do require a lot higher credit score, usually around 760. Jumbo mortgage programs in Colorado that will allow higher loan to value ratios will limit the maximum loan amount to $250,000 above the conforming loan limit (Colorado Jumbo loan limits are below for these lenders).
Another option for Colorado home buyers seeking a jumbo loan, is to obtain a first mortgage at the conforming loan limit and a 2nd mortgage to cover the additional funds needed to purchase the house. Obtaining two loans to finance a jumbo loan amount can offer the Colorado home buyer a little more flexibility in the future and allows them to obtain a very competitive fixed rate mortgage on the first mortgage.
For more information on jumbo loans in Colorado or to obtain a pre-approval on a jumbo loan please call or email.
Colorado Jumbo Loan Limits for 90% Loan-to-Value
|
City |
Current Jumbo Loan Limits for 90% LTV Jumbo Loans |
Jumbo Loan Limits as 10.1.11 for 90% LTV Jumbo Loans |
|
Denver Jumbo Loans Littleton Jumbo Loans Highlands Ranch Jumbo Loans Broomfield Jumbo Loans Westminster Jumbo Loans Arvada Jumbo Loans Cherry Creek Jumbo Loans Castle Rock Jumbo Loans Golden Jumbo Loans Aurora Jumbo Loans Lakewood Jumbo Loans |
$667,000 |
$667,000 |
|
Boulder Jumbo Loans Louisville Jumbo Loans Lafayette Jumbo Loans Superior Jumbo Loans Longmont Jumbo Loans Erie Jumbo Loans Niwot Jumbo Loans |
$710,000 |
$667,000 |
|
Fort Collins Jumbo Loans Loveland Jumbo Loans Berthoud Jumbo Loans |
$667,000 |
$667,000 |
|
Greeley Jumbo Loans Windsor Jumbo Loans Mead Jumbo Loans |
$667,500 |
$667,000 |
|
Colorado Springs Jumbo Loans |
$667,000 |
$667,000 |
Originally Posted on Colorado Homes IQ Blog.
Read More Colorado Homes IQ Blogs Here
Comments(0)