Jumbo Loan Mortgage Rates & Requirements in Denver
As one of the country's most attractive destinations for transplants, Colorado's population is growing, and the cost of real estate is growing with it. Families looking for larger homes often find that a conventional loan will not cover the total value of the property. If you have your eyes on a high-valued property, you may qualify for a jumbo loan.
How do you know if you need a jumbo mortgage loan rather than another kind of loan offered in Denver by US Mortgages? How are jumbo loan rates defined and what is it for? What are the requirements for a jumbo loan in Denver? How can you get started on applying for your own jumbo loan? Find the answer to these questions below.
What is a jumbo loan and who qualifies?
Jumbo home loans, as the name implies, are larger sized home loans. In high cost areas of the US, this limit is $625,500. People who qualify for jumbo home loans in Denver have strong credit scores. Jumbo loans do not require private mortgage insurance, which in the case of high-valued property, can add thousands of dollars to the total cost of purchasing your home. As an alternative, borrowers of jumbo loans often make large down payments, totaling 20% of the home's value or more.
The monthly mortgage to qualify must be no more than 38% of the income of the borrower before taxes as well. In addition to what's listed, there are other conditions which must be met for jumbo home loan rates to be offered in Denver.
How can I get started on applying for a jumbo loan?
Ready to take the next step? You can jump in right away by filling out our short application or long application in our My Loan Status portal right now! Have a few questions first? Provide our Denver office with your contact information and we'll be in touch as soon as possible. Want to make the first move? Give us a call and we'll be immediately available with guidance on if a jumbo home loan is available and will benefit your family's financial situation. We want all our Denver client to be on the right path to home ownership and we work with you to meet your specific needs.