90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans.
Are you looking for a Jumbo Home Loan in the Parker CO area?
It's a great time to take advantage of the jumbo mortgage program. We specialize in helping luxury home buyers who need jumbo financing for the higher jumbo loan amounts.
What is a jumbo loan?
A jumbo home loan in most counties is any loan with a balance 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 mortgage rates higher on jumbo loans in Parker?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. Until recently, jumbo rates were higher and sometimes much higher than conventional rates. Call to obtain a customized quote for your situation as rates can vary according to your scenario and what the market is doing.
What are the guidelines for qualifying for a jumbo mortgage in Parker CO?
Jumbo home loans can be more difficult to obtain than conforming loans. First of all, you must have good credit. Your credit score must be above 700, and for higher loan amounts, or higher loan-to-value ratios, your score must be above 740. Your down payment can be as low as 10%, but rates and terms 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 must also be counted in the loan-to-value ratio. 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. Parker Jumbo home loans are not available on investment properties- primary residences and second homes only!
What kind of loans can you get with a Parker Jumbo mortgage?
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). 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 loan home buyers and can also help you refinance your jumbo loan.
Call us in the office for a fast response and to get a customized Parker CO Jumbo Loan quote!
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