Colorado Jumbo Mortgages
Executive home loans are known as jumbo or super jumbo mortgages. A mortgage qualifies as jumbo once it exceeds the conventional loan limit. A mortgage qualifies as super jumbo once it exceeds $650,000.
Jumbo and super jumbo home loans are a class of mortgage unto themselves. The rules and guidelines that you may be familiar with for conventional loans don't necessarily apply, although the basic guidelines for qualifying for any mortgage do apply.
Executive homebuyers must have good to great credit, although there are some alternative mortgage solutions for buyers with less than perfect credit for loan amounts up to $400,000.
A full complement of mortgage types are available to executive homebuyers, from ten- to thirty-year fixed rate solutions, to a wide variety of adjustable rate mortgages.
A full complement of mortgage solutions is also available, from zero down $1,000,0000 home loans with no private mortgage insurance and other low down mortgage solutions, to stated income "Type Four" mortgage solutions, hybrid mortgage solutions, and more. So many solutions are available that you should connect with your mortgage consultant early in the process of evaluating an executive home purchase to make sure that you understand your mortgage options and their potential impact on your monthly cash flow.
Generally speaking, interest rates are higher for jumbo and super jumbo mortgages, than comparable conventional interest rates. Depending how much is being borrowed, it may make sense to look at a hybrid solution utilizing a conventional first mortgage to avoid jumbo interest rates. Talk with your mortgage consultant to see if this solution makes sense given your financial objectives.
As a rule, debt-to-inome ratios are set for any jumbo loan program. For those with extraordinary credit, slight variation is sometimes possible. Automated underwriting is rarely available with jumbo and super jumbo mortgage solutions, so it's very important to talk with your mortgage consultant about your financial goals and resources to ensure the best programs for your situation are made available to you.
Refinance:
Rules may differ slightly from purchase to refinance transactions for jumbo and super jumbo mortgage solutions (see above for basic guidelines). Be sure to talk with your mortgage consultant about your intention to refinance before you make a firm plan.
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