90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Lake County CO.
Are you looking for a Jumbo Mortgage lender in Lake County CO?
There has never been a better time than right now to take advantage of this program. We specialize in helping luxury home buyers who need financing for higher jumbo loan amounts.
What is a jumbo mortgage?
A jumbo mortgage loan in most counties is any loan that is greater than $417,000. However, there are some "high balance" counties in Colorado which are listed at the bottom of this article, or you can follow this link to the Fannie Mae County Loan Limits. These counties allow for "conforming" rates above $417,000 and up to the county limit.
Are home loan rates higher on jumbo mortgages in Lake County?
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 Lake County CO?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. First of all, you must have 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 obtain a 2nd mortgage, or HELOC, that loan must also be counted in the loan-to-value ratio. Debt-to-income are generally capped in the 41-43% maximum range. You must be able to prove your income through tax returns, or W2s, or both. Lake County Jumbo mortgages are only for primary residences and second homes. No investment properties!
What kind of mortgages can you get with a Lake County Jumbo home loan?
Fixed or adjustable rate loans are available. With less than 20% down, however, you will have to take an ARM, or adjustable rate mortgage, which 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 Lake County Colorado Jumbo Mortgage questions.
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