Jumbo Loans

What is a Jumbo Loan and Why Should I Get One?

There are many reasons why some new homeowners prefer to get a jumbo home loan, as opposed to something a little more conventional. Jumbo loans in Denver are preferred by people who have found their dream home, but it’s a bit above the typical price tag requirements of other loan types.

If your property price and associated costs are above $453,100, there’s every reason to get in touch with us about securing a jumbo loan in Denver. Unlike other loan types with a similar price bracket, a jumbo loan can provide far better interest rates, as well as program options for higher loan amount scenarios.

Jumbo loans are called as such because they exceed FNMA and FHLMC loan limits. They can be harder to qualify for but have so many benefits for new homeowners. If you’ve found the one property where you know your family will be very happy, it’s time to give us a call. We can begin the process of helping you call that property yours.

What are the Benefits of a Jumbo Loan in Denver?

When you make inquiries about jumbo loans in Denver, you will be surprised at how many benefits there are when comparing the same amount of money included in a more conventional loan. We’ve outlined a few of the many benefits below. If you feel like this is a loan that could suit your situation, we’d love to hear from you.

  • Caters for larger home loans
  • Caters to those more prestigious areas with higher house prices
  • Flexibility with loan terms – g., 30-year fixed or adjustable
  • Lower interest rates than other loan programs with comparable loan amounts
  • If you have a credit score above 660, it’s easier to qualify
  • You don’t have to split your home loan into several loans
  • In some cases, your down payment can be as little as 10 percent

Rather than worry about the hassle of trying to make your home loan requirements fit into a loan program, it’s essential to know jumbo loans are available. Get in touch if you’d like to find out more.

Am I Eligible for a Jumbo Home Loan in Denver?

Because you will be borrowing a significant amount of money – far more than what other loan programs allow – criteria can be particularly strict for jumbo loans in Denver. However, even if you don’t believe you meet all these criteria, there’s no harm in contacting us. We may be able to point you in the right direction of another loan program or make adjustments,so you’re within the realm of acceptance.

  • Credit score minimum of 680 (negotiable for more substantial down payments)
  • On average, lenders require a down payment of 20 percent. However, this can be as low as 10 percent in some cases
  • An average debt-to-income ratio of 43 percent (negotiable and deviates from one lender to the next)

You must also have:

  • Proof of income
  • Information on any other current loans you may have
  • Evidence of both liquid and non-liquid assets

While it might seem like there are a number of hoops to jump through to get a jumbo loan in Denver, it can all be worth it in the end. You benefit from a seamless loan solution that most, if not all, other loan programs cannot offer.