90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Pitkin CO.
Are you looking for a Pitkin 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 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 home loan rates higher on jumbo mortgages in Pitkin?
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 Pitkin CO?
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. 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 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. Pitkin Jumbo home loans are not available on investment properties- primary residences and second homes only!
What kind of mortgages can you get with a Pitkin 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). 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 Pitkin CO Jumbo Home Loan quote and honest answers to your questions!
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