Financing up to 90% of your home price with low Jumbo Mortgage Rates on Ouray County CO Jumbo Loans.
Are you looking for a Jumbo Home Loan in the Ouray County CO area?
Right now is the time to lock in a low jumbo mortgage rate. We specialize in helping luxury home buyers who need financing for higher jumbo loan amounts.
What is a jumbo loan?
A jumbo 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 mortgage rates higher on jumbo loans in Ouray 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. Rates can vary from day to day and are dependent on your scenario so call today for a customized rate quote.
What are the qualifying guidelines for a jumbo home loan in Ouray County CO?
Jumbo home loans can be more difficult to obtain than conforming loans. The first requirement is that 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. 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 also obtain a HELOC, or 2nd mortgage, that will also count in the loan-to-value calculation. 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. Ouray County Jumbo mortgages are only for primary residences and second homes. No investment properties!
What kind of home loans can you get with a Ouray County Jumbo 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 higher loan amount home buyers and can also help with jumbo loan refinances. Call us in the office....we will give you a customized Ouray County CO Jumbo Home Loan quote and honest answers to your questions!
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