90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans. Are you looking for a Jumbo Mortgage lender in Lakewood 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 home loan?
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 mortgage rates higher on jumbo loans in Lakewood?
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.
What are the qualifying guidelines for a jumbo home loan in Lakewood CO?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. First of all, 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. You can obtain financing with as little as 10% down payment, 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. Your debt-to-income ratio must also be reasonable, generally capped at the 41-43% maximum range. Income is documented through tax returns, or W2s, or both. Lakewood Jumbo home loans are not available on investment properties- primary residences and second homes only!
What kind of loans can you get with a Lakewood Jumbo mortgage?
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). 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 Lakewood Colorado Jumbo Mortgage questions.
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