Are you looking for a Jumbo Home Loan in the Telluride CO area?http://bit.ly/1gl2QuT
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 home loan?
A jumbo 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.http://bit.ly/18Fm3DU
Are mortgage rates higher on jumbo loans in Lakewood? 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 qualifying guidelines for a jumbo home loan in Telluride CO?
Stricter guidelines can make Jumbo mortgages 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. 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. You must be able to prove your income through tax returns, or W2s, or both. TellurideJumbo financing is also not available on investment properties- primary residences and second homes only!
What kind of loans can you get with a TellurideJumbo mortgage?
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). 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 today.We will respond quickly and will give you honest answers to your Telluride COlorado Jumbo Mortgage questions.http://www.rjbaxter.com/
