90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans.
Are you looking for a Jumbo Home Loan in the Woodland Park CO area?
Right now is the time to lock in a low jumbo mortgage rate. We specialize in helping luxury home buyers who need higher balance jumbo mortgage financing.
What is a jumbo loan?
A jumbo loan in most counties is any loan that is greater than $417,000. There are some "high balance" counties in Colorado that exceed the $417,000 limit, and they are listed at the bottom of this article or follow this link to the Fannie Mae County Loan Limits to check your county. These counties allow for "conforming" rates above $417,000 and up to the county limit.
Are home loan rates higher on jumbo mortgages in Woodland Park?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Call us and we will provide a customized quote for your home loan as rates can vary according to your scenario and what the market is doing.
What are the qualifying guidelines for a jumbo home loan in Woodland Park CO?
Jumbo mortgages can be more difficult to qualify for than conforming loans. You must first of all of good credit. Generally speaking, your credit score must be above 700, and for higher loan amounts, or higher loan-to-value ratios, your score must be above 740. You can obtain financing with as little as 10% down payment, but rates improve with more down payment, generally 20%, 25%, and 30% down will get you a better deal.
If you plan to obtain a 2nd mortgage, or HELOC, that loan will also count in the loan-to-value calculation. Your debt-to-income ratio must also be reasonable, generally capped at the 41-43% maximum range. Income must be documented through tax returns and/or W2s. Woodland Park Jumbo mortgages are only for primary residences and second homes. No investment properties!
What kind of mortgages can you get with a Woodland Park Jumbo home loan?
Fixed or adjustable rate loans are available. If your down payment is less than 20%, however, only ARMs are available, and they are available in 5 or 7 year terms (fixed for 5 or 7 years). Here are the Colorado High Balance County Limits 2014: Eagle County: $625,500 Garfield County: $625,500 Hinsdale County: $427,800 Lake County: $625,500 Ouray County: $425,500 Pitkin County: $625,500 Routt County: $625,500 Summit County: $625,500.
We specialize in helping jumbo home buyers and can also help with jumbo home loan refinances.Call us in the office for a fast response and to get a customized Woodland Park CO Jumbo Loan quote!
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