90% financing and low Jumbo Home Loan Rates on Jumbo Loans in El Paso County CO.
Are you looking for a Jumbo Home Loan in the El Paso County CO area?
It's a great time to take advantage of the jumbo mortgage program. We specialize in helping luxury home buyers who need higher balance jumbo mortgage financing.
What is a jumbo mortgage?
A jumbo mortgage 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 El Paso County?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Call to obtain a customized quote for your situation 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 El Paso County CO?
Jumbo home loans can be more difficult to obtain 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. 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 also obtain a HELOC, or 2nd mortgage, that 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 must be documented through tax returns and/or W2s. El Paso County Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of mortgages can you get with a El Paso County Jumbo home 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 jumbo home buyers and can also help with jumbo home loan refinances. Call us in the office for a fast response and to get a customized El Paso County CO Jumbo Loan quote!
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