90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans. Are you looking for a Jumbo Mortgage lender in Breckenridge 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 jumbo financing for the higher jumbo loan amounts. What is a jumbo mortgage?
A jumbo home loan in most counties is any loan with a balance greater than $417,000. There are some "high balance" counties in Colorado and they are listed at the bottom of this article or 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 Breckenridge?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. 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 guidelines for qualifying for a jumbo mortgage in Breckenridge CO?
Jumbo mortgages can be 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.
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 obtain a 2nd mortgage, or HELOC, that loan must also be counted in the loan-to-value ratio. Debt-to-income ratios must also be reasonable, generally in the 41-43% maximum range.
Income must be documented through tax returns and/or W2s. Breckenridge Jumbo mortgages are only for primary residences and second homes. No investment properties! What kind of loans can you get with a Breckenridge Jumbo mortgage?
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). 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 for a fast response and to get a customized Breckenridge CO Jumbo Loan quote!
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