90% financing and low Jumbo Mortgage Rates on Colorado Jumbo Loans http://bit.ly/1gl2QuT
Are you looking for a Pagosa Springs Colorado Jumbo mortgage company?
Right now is the time to lock in a low jumbo mortgage rate. 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 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 rates higher on jumbo home loans in Pagosa Springs?
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. Rates can vary from day to day and are dependent on your scenario so call today for a customized rate quote.
What are the qualifying guidelines for a jumbo home loan in Pagosa Springs CO?
Stricter guidelines can make Jumbo mortgages more difficult to qualify for than conforming loans. The first requirement is that 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 also obtain a HELOC, or 2nd mortgage, that will also count in the loan-to-value calculation. Debt-to-income are generally capped in the 41-43% maximum range. Income must be documented through tax returns and/or W2s. Pagosa Springs Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of mortgages can you get with a Pagosa Springs Jumbo home 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 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 Pagosa Springs CO Jumbo Loan quote! http://www.rjbaxter.com/
