Financing up to 90% of your home price with lowJumbo Mortgage Rates on Larimer County CO Jumbo Loans.
Are you looking for a Larimer County Colorado Jumbo mortgage company?
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 mortgage 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 theFannie Mae County Loan Limits to check your county. These counties allow for "conforming" rates above $417,000 and up to the county limit.
Are rates higher on jumbo home loans in Larimer County?
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.
How do you qualify for a jumbo mortgage loan in Larimer County Colorado?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. The first requirement is that you must have 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. Down payment requirements are as little as 10%, 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. Debt-to-income ratios must also be reasonable, generally in the 41-43% maximum range. Income is documented through tax returns, or W2s, or both. Larimer County Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of home loans can you get with a Larimer County Jumbo loan?
Fixed or adjustable rate loans are available. If you are putting less than 20% down, however, you will have to take an ARM, 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 higher loan amount home buyers and can also help with jumbo loan refinances. Call us in the office....we will give you a customized Larimer County CO Jumbo Home Loan quote and honest answers to your questions!
Comments(0)