Financing up to 90% of your home price with low Jumbo Mortgage Rates on Lakewood CO Jumbo Loans Are you looking for a Lakewood 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 higher balance jumbo mortgage financing.http://bit.ly/1gl2QuT
What is a jumbo mortgage?
A jumbo 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 Lakewood? Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. 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. How do you qualify for a jumbo mortgage loan in Lakewood Colorado?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. You must first of all of good credit. 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 obtain a 2nd mortgage, or HELOC, that loan must also be counted in the loan-to-value ratio. Your debt-to-income ratio must also be reasonable, generally capped at the 41-43% maximum range.
Income is documented through tax returns, or W2s, or both. Lakewood Jumbo financing is also not available on investment properties- primary residences and second homes only! What kind of home loans can you get with a Lakewood Jumbo loan? Fixed or adjustable rate loans are available. With less than 20% down, however, you will have to take an ARM, or adjustable rate mortgage, which 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 today. We will respond quickly and will give you honest answers to your Lakewood Colorado Jumbo Mortgage questions.
