Financing up to 90% of your home price with low Jumbo Mortgage Rates on Garfield County CO Jumbo Loans.
Are you looking for a Garfield 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 higher balance jumbo mortgage financing.
What is a jumbo mortgage?
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 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 rates higher on jumbo home loans in Garfield County?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Rates can vary from day to day and are dependent on your scenario so call today for a customized rate quote.
What are the guidelines for qualifying for a jumbo mortgage in Garfield County CO?
Jumbo home loans can be more difficult to obtain than conforming loans. You must first of all of good credit. Most lenders have a minimum credit score of 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 also obtain a HELOC, or 2nd mortgage, that 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. You must be able to prove your income through tax returns, or W2s, or both. Garfield County Jumbo financing is also not available on investment properties- primary residences and second homes only! What kind of mortgages can you get with a Garfield County Jumbo home 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 jumbo home buyers and can also help with jumbo home loan refinances. Call us in the office today. We will respond quickly and will give you honest answers to your Garfield County Colorado Jumbo Mortgage questions.
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