Financing up to 90% of your home price with low Jumbo Mortgage Rates on Highlands Ranch CO Jumbo Loans Are you looking for a Jumbo Mortgage lender in Highlands Ranch CO?
t's a great time to take advantage of the jumbo mortgage program. We specialize in helping luxury home buyers who need jumbo financing for the higher jumbo loan amounts.
What is a jumbo home loan?
A jumbo loan in most counties is any loan that is greater than $417,000. There are some "high balance" counties in Colorado that exceed the $417,000 limit, and they are listed at the bottom of this article or follow this link to the Fannie Mae County Loan Limits to check your county.
http://bit.ly/18Fm3DU
These counties allow for "conforming" rates above $417,000 and up to the county limit. Are home loan rates higher on jumbo mortgages in Highlands Ranch?
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. What are the guidelines for qualifying for a jumbo mortgage in Highlands Ranch CO?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. First of all, you must have 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 also obtain a HELOC, or 2nd mortgage, that will also count in the loan-to-value calculation. Debt-to-income ratios must also be reasonable, generally in the 41-43% maximum range. Income must be documented through tax returns and/or W2s. Highlands Ranch 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 Highlands Ranch 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). 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 Highlands Ranch CO Jumbo Loan quote! http://www.rjbaxter.com/
