90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans.
Are you looking for a Jumbo Mortgage lender in Beaver Creek 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 mortgage?
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 Beaver Creek?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Rates can vary from day to day and are dependent on your scenario so call today for a customized rate quote.
How do you qualify for a jumbo mortgage loan in Beaver Creek Colorado?
Stricter guidelines can make Jumbo mortgages 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. 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. Debt-to-income ratios must also be reasonable, generally in the 41-43% maximum range. Income is documented through tax returns, or W2s, or both. Beaver Creek Jumbo mortgages are only for primary residences and second homes. No investment properties!
What kind of loans can you get with a Beaver Creek 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). 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 jumbo loan home buyers and can also help you refinance your jumbo loan.
Call us in the office today. We will respond quickly and will give you honest answers to your Beaver Creek Colorado Jumbo Mortgage questions
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