90% financing and low Jumbo Home Loan Rates on Jumbo Loans in Steamboat CO http://bit.ly/1gl2QuT
Are you looking for a Jumbo Mortgage lender in Steamboat CO?
Right now is the time to lock in a low jumbo mortgage rate. We specialize in helping luxury home buyers who need higher balance jumbo mortgage financing.
What is a jumbo mortgage?
A jumbo mortgage loan in most counties is any loan that is greater than $417,000. However, there are some "high balance" counties in Colorado which are listed at the bottom of this article, or you can 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 home loan rates higher on jumbo mortgages in Steamboat? http://bit.ly/18Fm3DU
Not necessarily! Currently, we have jumbo rates available that are lower than traditional mortgages. This has not been the case until recently. Rates can vary from day to day and are dependent on your scenario so call today for a customized rate quote.
How do you qualify for a jumbo mortgage loan in Steamboat Colorado?
Jumbo home loans can be more difficult to obtain 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 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. Steamboat Jumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of mortgages can you get with a Steamboat Jumbo home loan?
Fixed or adjustable rate loans are available. If you are putting less than 20% down, however, you will have to take an ARM, 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 home buyers and can also help with jumbo home loan refinances. Call us in the office today. We will respond quickly and will give you honest answers to your Steamboat Colorado Jumbo Mortgage questions.
