JUMBO Loans in Colorado
Allows you to purchase single family detached, condo’s, pud’s and single-family second homes with no prepayment penalty.
Living large is possible in Colorado with jumbo loans. Whether you are planning to invest in a home around a high-end neighborhood or shopping for a bigger house, you may require jumbo loans that will make it easier to achieve what you want. These are bigger mortgages that can provide greater financing than what conventional loans can provide, and with our help, you can find a competitively priced and non-conforming jumbo loan that suits your unique needs.
Unlike conventional loans, jumbo loans exceed the conforming loan limits. Thus, they are known as ‘non-conforming.’ Jumbo loans are popular with homeowners who are looking to move into a more expensive single family detached, PUD, condo, or single-family second home in Colorado without worrying about a prepayment penalty.
Are you looking for jumbo loans in Colorado? We can help you find out if you are qualified. In some cases, conventional loans may suffice. To find out, check the conforming loan limits for the county where you are planning to move. These limits vary in every county in. Not sure what those limits are? Contact us about jumbo loans and we will advise you.
Homebuyers who are eligible for jumbo loans in Colorado have a higher credit score, a low DTI ratio, proven steady employment and the funds they need for the down payment.
These loans are much like the Conventional loan except they exceed the loan limit. These loans are intended for borrowers with excellent credit and looking to finance amounts greater than the amount allowed by Fannie Mae or Freddie Mac.
So how is qualifying for a Jumbo mortgage? Conventional guidelines are much more rigid than VA or FHA loans. When you jump the scale into Jumbo status, it gets even more rigid. You will face much more rigid credit requirements because jumbo loans carry a lot more credit risk for the lender, which is contributed due to their lack of Fannie Mae or Freddie Mac guarantee. So, what will you need to get approved?
- A stellar credit score above 700
- A low debt to income ratio
- Have accessible cash on hand to cover your mortgage payments
- Specific income levels and reserves
- Liquid assets and cash reserves equal to 6 months of mortgage payments
- Down payments as low as 10%
- No Mortgage Insurance (MI) requirement
- Loans up to $20 Million