Colorado Jumbo Loan Eligibility
To be eligible for a jumbo loan, you will need:
A higher credit score than you would for a conventional loan.
A lower DTI ratio than you would for a conventional loan.
Steady employment which you can document.
The home you are buying must pass two appraisals (typically).
Money for a down payment (which may or may not exceed what you would put down on a conventional loan).
The home you will be purchasing.
Will you need to have more money to afford higher interest rates over the years you pay on your jumbo loan?
Not necessarily. It depends on your qualifications and the offers which are made to you. In some cases, interest rates for non-conforming loans are within the same range that they would be for conventional loans.
As a small local mortgage company, not a big bank, we will work hard to qualify you for an affordable jumbo loan with great benefits. We are Colorado Local, Colorado Only, Colorado Proud.