Financing up to 90% of your home price with low Jumbo Mortgage Rates on Summit County CO Jumbo Loans.
Are you looking for a Jumbo Mortgage lender in Summit County CO?
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. 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 mortgage rates higher on jumbo loans in Summit County?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Rates can vary from day to day and are dependent on your scenario so call today for a customized rate quote.
What are the guidelines for qualifying for a jumbo mortgage in Summit County 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 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 is documented through tax returns, or W2s, or both. Summit 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 Summit County Jumbo home 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). 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 for a fast response and to get a customized Summit County CO Jumbo Loan quote!
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