90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Durango CO http://bit.ly/1gl2QuT
Are you looking for a Jumbo Mortgage lender in Durango CO?
Right now is the time to lock in a low jumbo mortgage rate. We specialize in helping luxury home buyers who need financing for higher jumbo loan amounts. What is a jumbo loan? 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.
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Are mortgage rates higher on jumbo loans in Durango?
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 Durango CO?
Stricter guidelines can make Jumbo mortgages 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. 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. Debt-to-income are generally capped in the 41-43% maximum range. You must be able to prove your income through tax returns, or W2s, or both. Durango Jumbo home loans are not available on investment properties- primary residences and second homes only! What kind of loans can you get with a Durango 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). 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 loan home buyers and can also help you refinance your jumbo loan.
Call us in the office for a fast response and to get a customized Durango CO Jumbo Loan quote!
http://www.rjbaxter.com/
