When buying high-value real estate in Colorado, you may need to take out a loan above the Fannie Mae and Freddie Mac conventional conforming limit.
For those borrowers who want more than the standard limits of a mortgage, we have jumbo mortgages.
What is a Jumbo Loan?
A jumbo mortgage is also known as a non-conforming home loan.
This is any mortgage that allows you to borrow an amount in excess of the Fannie Mae and Freddie Mac conforming loan limits.
Like a conforming loan, a jumbo loan is a type of conventional loan. That means that there is no backing from a government agency.
Do You Need a Jumbo Mortgage in Colorado?
The conforming loan limits for most counties are as follows, but these may vary depending on where you live. The information here should be sufficient to answer all your questions about what type of mortgage is right for you!
We can advise you on loans for any needs, but if your county has not provided limits information to the public then we will help make sure that what’s best suited.
How to Qualify for a Jumbo Loan in Colorado
To be eligible for a jumbo loan, you will need:
- A higher credit score than you would for a conventional loan.
- A lower DTI ratio than you would for a conventional loan.
- Steady employment which you can document.
- The home you are buying must pass two appraisals (typically).
- Money for a down payment (which may or may not exceed what you would put down on a conventional loan).
You should have a minimum of six months worth cash reserves, and be able to make at least 15% on your down payment. You might need two appraisals.”
Jumbo loans are not difficult to apply for and you do not have be qualified.
In fact, even first time homebuyers can purchase homes with non-conforming loans. We are here to make sure that the process is as fast and easy as possible no matter your situation.
Apply Now for a Jumbo Mortgage in Colorado
When you need more than what’s offered by a conventional loan, we can connect with an innovative lender who will offer competitive rates and flexible programs for your needs. Please give us a call today and schedule an appointment for free consultation (720) 640-7034.