90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Glenwood Springs CO.
Are you looking for a Glenwood Springs Colorado Jumbo mortgage company?
It's a great time to take advantage of the jumbo mortgage 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. 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 Glenwood Springs?
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. 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 Glenwood Springs CO?
Jumbo mortgages can be more difficult to qualify for than conforming loans. You must first of all of 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 must also be counted in the loan-to-value ratio. Your debt-to-income ratio must also be reasonable, generally capped at the 41-43% maximum range. You must be able to prove your income through tax returns, or W2s, or both. Glenwood Springs Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of mortgages can you get with a Glenwood Springs Jumbo home loan?
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 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 Glenwood Springs Colorado Jumbo Mortgage questions.
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