What is a Jumbo loan in Colorado?
The Kevin A. Guttman team is here to provide expert advice and help you get the right mortgage to suite you needs. One of our top products are Jumbo loans. In the United States, a jumbo mortgage is a mortgage loan that may have high credit quality, but is in an amount above conventional conforming loan limits. This standard is set by the two government-sponsored enterprises,, Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender.
How does a Jumbo loan work in Colorado?
Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don’t cover the full loan amount, the loan is referred to as a “jumbo mortgage”.
Jumbo loan rates Colorado
Traditionally, the interest rates on jumbo mortgages are higher than for conforming mortgages, however with GSE fees increasing, Jumbo loans have recently seen lower interest rates than conforming loans.
Jumbo loan eligibility in Colorado
You will need a lower Debt To Income ratio than a conventional loan. Documented record of steady employment. You must have 2 appraisals done on the home you are purchasing. Jumbo loans require a minimum of 15-20% down payment.
Jumbo loan limits in Colorado 2021
The Jumbo loan limits for most counties in Colorado is $548,250 for 2021. Up from last year’s limit of $510,400. There are some counties such as Eagle country that exceeds $800,000. See chart below to find your county.
Single Dwelling by County
|El Paso||$548,250||Rio Grande||$548,250|