90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans
Are you looking for a Jumbo Home Loan in the Aspen CO area?
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 loan?
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 rates higher on jumbo home loans in Aspen? 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 Aspen CO?
Jumbo mortgages can be 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. 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 will also count in the loan-to-value calculation. Debt-to-income are generally capped in the 41-43% maximum range. Income is documented through tax returns, or W2s, or both. Aspen Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of loans can you get with a Aspen 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 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 Aspen CO Jumbo Loan quote!
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