JUMBO mortgage COLORADo
Colorado jumbo mortgages are perfect for situations where the amount of the mortgage or home loan exceeds current limits set by Fannie Mae and Freddie Mac (currently $647,200). Jumbo home loans are not backed by the government and typically tend to be .375 to .50% higher than conventional mortgages. Although interest rates are on the rise, 15 and 30-year jumbo mortgage rates in Colorado are still near all time lows. This can be a perfect time to purchase the high end luxury property you’ve been dreaming of.
Due to rapidly rising home values in Denver, Castle Rock, Vail, Aspen, Steamboat Springs and other neighborhoods, jumbo mortgages are becoming a common financing product in these markets. Jumbo loans will typically require a higher credit score and lower debt to income ratios than other mortgage loans. In addition, borrowers will have to show higher liquid reserves.
Jumbo Home Loan Requirements
Our jumbo mortgage programs are designed to help borrowers purchase luxury properties, or homes in an area with a higher cost of living. With home prices appreciating at record pace, many properties in Colorado may require a jumbo mortgage. Our programs provide the flexibility, and rates to make your dream home accessible and affordable.
Jumbo Loans Credit/Down Payment
Because of the increased risk to lenders, jumbo mortgages tend to carry with them higher credit requirements than traditional conforming loans. Credit scores must be above 680 FICO, although in some situations, mortgage lenders may need to see a 720-740+ FICO score. Higher down payments are typically required, from 10-20% of the home’s purchase price. Additionally, borrowers will have to show at least 6-12 months of reserves and monthly mortgage payments should not exceed more than 38% of income before taxes.
Jumbo Mortgages for Vacation Properties
Since jumbo mortgages are non-confirming loans, you can utilize a jumbo loan to purchase a secondary home, vacation home, or investment property. With property values rising daily in Colorado resort towns like Aspen, Vail, Steamboat Springs, Telluride and Winter Park, a jumbo mortgage may be the perfect option to help finance your family’s next vacation property.
15 and 30-year Jumbo Loans
There is no better time to lock in your 15 or 30-year fixed rate jumbo mortgage. With both interest rates and property values on the rise, enjoy the peace of mind the comes with a fixed rate jumbo loan. If you are purchasing an invest property, an adjustable rate jumbo loan might be a better fit. Contact one of our mortgage professionals to determine if a 15/30-year fixed rate, or adjustable rate jumbo loan is the best fit for your unique situation.
COLORADO JUMBO MORTGAGE LENDERS
Wyatt Home Loans is a division of Fairway Independent Mortgage Corporation. Based in Castle Rock, CO, we are a top jumbo home loan lender offering comprehensive jumbo mortgage options to borrowers throughout the state of Colorado including:
Wyatt Home loans is a Castle Rock, CO based full service mortgage lender, offering home buyers access to a wide variety of home loan and mortgage programs custom tailored to their individual needs.
115 Wilcox St, Ste #309
Castle Rock, CO 80104