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Rising home prices create a demand for larger loans. The Colorado housing market has a diverse set of property available, at all different price points. If the home you are considering purchasing is priced above $453,100 a Jumbo loan may be the best option for you.
These loan types are considered non-conforming home loans, as they exceed the conforming loan limits set by the Office of Federal Housing Enterprise Oversight. Each county is able to set their own limits for a Jumbo home loan, which is why it is important to talk with a mortgage lender who is familiar with the area and the financial constrictions surrounding the real estate market.
If you will require a Jumbo loan, the Reichert Mortgage Team here in Colorado Springs can be your information resource. We are a local mortgage lending company, and we can assist you in navigating the Jumbo loan process.
A Jumbo home loan does not mean a loan for a huge house, but a loan that goes even $1 above “conforming” loan limits that are set by Freddy Mac and Fanny Mae. Here in Colorado Springs, the maximum amount for a conventional loan is $453,100, but can vary depending on area, time frame, lending companies, and more. It is important to check with a local mortgage lender like The Reichert Mortgage Team to see what current rates are for your situation.
Fixed or Adjustable Rate mortgages are available
Jumbo loan interest rates are both sometimes lower and sometimes higher than conventional rates
Jumbo loans can be used for your primary home or your investment property
Down payments are anywhere between 10% to 20%
Higher income levels are required, which varies depending on your desired loan amount.
Borrower must have higher credit scores; typically around 680 or higher.
Borrower ideally has enough cash or liquid assets in reserves to cover six to 12 months of payments.
Documentation requirements are higher and require a deeper level of examination by the underwriter.
The Reichert Mortgage Team can help you determine if the Jumbo loan is the best loan for your particular situation. As a local mortgage lender in Colorado Springs, we help homeowners all over the state navigate the home loan process and find a mortgage that suits their needs. We have strict values of honesty and integrity, and will always put your best interests before our own.
If you’d like to speak with one of our top mortgage professionals, give us a call at (719) 205-0413. Our office is located in Falcon, CO. and we service all of El Paso County, as well as the entire state of Colorado.