90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Breckenridge CO
Are you looking for a Breckenridge Colorado Jumbo mortgage company?
Right now is the time to lock in a low jumbo mortgage rate. 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 Breckenridge?
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. How do you qualify for a jumbo mortgage loan in Breckenridge Colorado?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. The first requirement is that you must have 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 also obtain a HELOC, or 2nd mortgage, that will also count in the loan-to-value calculation.
Your debt-to-income ratio must also be reasonable, generally capped at the 41-43% maximum range. Income must be documented through tax returns and/or W2s. Breckenridge Jumbo home loans are not available on investment properties- primary residences and second homes only!
What kind of home loans can you get with a Breckenridge 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 home buyers and can also help with jumbo home loan refinances.
Call us in the office....we will give you a customized Breckenridge CO Jumbo Home Loan quote and honest answers to your questions! http://www.rjbaxter.com/
