Financing up to 90% of your home price with low Jumbo Mortgage Rates on El Paso County CO Jumbo Loans. http://bit.ly/1gl2QuT

Are you looking for a Jumbo Mortgage lender in El Paso County CO? 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 loan?

A jumbo home loan in most counties is any loan with a balance 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. http://bit.ly/18Fm3DU

Are mortgage rates higher on jumbo loans in El Paso County?

Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. Until recently, jumbo rates were higher and sometimes much higher than conventional rates. 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 El Paso County Colorado?

Jumbo mortgages can be more difficult to qualify for than conforming loans. You must first of all of 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. Down payment requirements are as little as 10%, 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. El Paso County 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 El Paso County 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). 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 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 El Paso County CO Jumbo Loan quote! http://www.rjbaxter.com/