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If you are shopping for a larger home or one in an expensive neighborhood, you may require more financing than you can qualify for through conventional financing. If that is your situation, Front Range Mortgage can help match you with a competitive non-conforming loan, also known as a “jumbo” loan.
A conventional loan is one which Fannie Mae and Freddie Mac are able to purchase within their conforming loan limits.
If a loan exceeds those limits, it is referred to as a non-conforming loan, or “Jumbo” loan.
To determine whether you need a jumbo loan or a conventional loan, you must look up the conforming loan limits for your county. Below are some examples.
1 Unit: $484,350
2 Units: $620,200
3 Units: $749,650
4 Units: $931,600
1 Unit: $561,200
2 Units: $718,450
3 Units: $868,400
4 Units: $1,079,250
1 Unit: $626,750
2 Units: $802,350
3 Units: $969,850
4 Units: $1,205,300
If you do not know the conforming loan limits for your county, we can advise you during your free consultation if you need a jumbo loan or not.
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.
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.
Qualifying for a jumbo loan does not need to be difficult. At Front Range Mortgage, our goal is to help you qualify fast for competitive rates on your non-conforming loan so that you can move into the home you want. To get started Click below or call (303) 500-1900 in Denver.
Colorado Mortgage Broker, Brian Murphy, Front Range Mortgage, LLC DBA United Mortgage Funding, LLC – Colorado Mortgage License #MB100020928 / NMLS #378844. Colorado Springs Office: 102 S. Tejon Street, # 1100, Colorado Springs, CO 80903. Denver Office: 12191 W. 64th Avenue, # 205, Arvada, CO 80004. Regulated by the Division of Real Estate http://www.dora.state.co.us/real-estate/index.htm(DORA)
Front Range Mortgage, LLC specializes in custom tailored low rate Colorado mortgage loans, debt consolation loans, second mortgages and home loan refinancing with personalized face to face service for clients in the metro Denver and front range area including Aurora, Arvada, Denver, Lakewood, Boulder, Fort Collins & Colorado Springs.