90% financing and low Jumbo Home Loan Rates
on Jumbo Loans in Dillon CO
Are you looking for a Jumbo Mortgage lender in Dillon CO? It's a great time to take advantage of the jumbo mortgage 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 that exceed the $417,000 limit, and they are listed at the bottom of this article or follow this link to the Fannie Mae County Loan Limits to check your county. These counties allow for "conforming" rates above $417,000 and up to the county limit.
Are rates higher on jumbo home loans in Dillon?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. 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 qualifying guidelines for a jumbo home loan in Dillon 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. Your down payment can be as low as 10%, but rates and terms 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. Dillon Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of home loans can you get with a Dillon Jumbo loan?
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). 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 for a fast response and to get a customized Dillon CO Jumbo Loan quote!