90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Ouray CO.
Are you looking for a Jumbo Mortgage lender in Ouray 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 higher balance jumbo mortgage financing.
What is a jumbo home 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 home loan rates higher on jumbo mortgages in Ouray?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. Until recently, this has not been the case. Call us and we will provide a customized quote for your home loan 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 Ouray CO?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. First of all, you must have good credit. 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. Ouray Jumbo mortgages are only for primary residences and second homes. No investment properties!
What kind of home loans can you get with a Ouray Jumbo loan?
Fixed or adjustable rate loans are available. If your down payment is less than 20%, however, only ARMs are available, and they 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 higher loan amount home buyers and can also help with jumbo loan refinances. Call us in the office....we will give you a customized Ouray CO Jumbo Home Loan quote and honest answers to your questions!
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