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Kings Deer Colorado Springs 80921 Jumbo Home Loan Mortgage Guide For Colorado Real Estate
What is a Colorado Home Real Estate Jumbo Mortgage?
For most counties, a jumbo loan is a mortgage of more than $417,000.
Jumbo mortgages tend to be used for large, single-family homes.
Qualifying for a jumbo loan is tougher than for a conventional loan.
Looking to buy a larger, luxurious abode? A jumbo mortgage may be right for you.
What is a jumbo mortgage? A jumbo mortgage is a home loan with an amount that exceeds conforming loan limits imposed by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that buy mortgages from lenders. The limit is $417,000 in most parts of the United States, but is $625,500 in the highest-cost areas and in-between in others.
There are roughly 3,300 counties in the United States, and out of those, approximately 100 (counties) are eligible for the high-cost limit of $625,500" In another 92 counties, loan limits are greater than $417,000 and less than $625,500.
Jumbo mortgages, jumbo homes What types of homes do jumbo borrowers have?
Larger, single-family homes. For example, certain communities in Colorado, have had condominiums that cost more than $600,000. In Colorado, borrowers who seek jumbo mortgages are generally looking for high-end homes ... more
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