90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans.
Are you looking for a Jumbo Home Loan in the Jefferson 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 jumbo financing for the higher jumbo loan amounts.
What is a jumbo loan?
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 home loan rates higher on jumbo mortgages in Jefferson County?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. Until recently, this has not been the case. 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 Jefferson County Colorado?
Jumbo mortgages can be more difficult to qualify for than conforming loans. You must first of all of 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. 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 are generally capped in the 41-43% maximum range. Income must be documented through tax returns and/or W2s. Jefferson County Jumbo mortgages are only for primary residences and second homes. No investment properties!
What kind of home loans can you get with a Jefferson County 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). 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....we will give you a customized Jefferson County CO Jumbo Home Loan quote and honest answers to your questions!
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