Colorado Jumbo Mortgage Loans
Colorado Jumbo Mortgage Loans are those that exceed conforming loan limits established by the two government-sponsored enterprises, Fannie Mae and Freddie Mac. The loan limits vary according to your county of residence.
Colorado Jumbo Loan limits
If you require a mortgage loan higher than $417,000 backed by a single-family property located in Colorado, you will generally require a jumbo mortgage. However, if the property is located in certain high-cost areas in Colorado, you will need a jumbo mortgage for a loan amount higher than $729,750 on a single-family property.
Jumbo Loan Mortgage Rates
Fixed-rate mortgages within conforming loan size limits almost always get a better rate versus comparable jumbo fixed-rate mortgages. Conforming loans tend to require fewer loan fees as well. You will need to speak to a Jumbo mortgage loan broker to get the most recent rates that are available in your area and based on you personal situation. Generally, the borrower will need to show the following:
- Higher incomes and assets to qualify for the Jumbo Mortgage Loans.
- Documentation of assets is critical, and they have to make sense in relation to the income stated on the application.
- Having high credit scores and proof of a responsible borrowing history, underwriters may also look for other sizable debts that the borrower has had a positive experience managing or paying off.
- PMI is only required if he LTV is greater than 80%.
The Colorado jumbo and super-jumbo mortgage financing industry is always in a state of change as the supply and demand for these particular loan products can change due to outside market conditions.
Different Colorado Home Loan Programs:
Colorado FHA Streamline Refinance | Colorado HARP Loan | Colorado VA Streamline Refinance