90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Crested Butte CO Are you looking for a Jumbo Home Loan in the Lakewood CO area?
There has never been a better time than right now to take advantage of this program. We specialize in helping luxury home buyers who need higher balance jumbo mortgage financing.
What is a jumbo mortgage?
A jumbo loan in most counties is any loan that is greater than $417,000. There are some "high balance" counties in Crested Butte 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 Crested Butte?
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Call to obtain a customized quote for your situation as rates can vary according to your scenario and what the market is doing.
What are the qualifying guidelines for a jumbo home loan in
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. First of all, 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 obtain a 2nd mortgage, or HELOC, that loan 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. You must be able to prove your income 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 loans can you get with a Crested Butte Jumbo mortgage?
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). Crested Butte 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 today. We will respond quickly and will give you honest answers to your Crested Butte Jumbo Mortgage questions.
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