Trusted Financing for Larger Loan Amounts
5280Lend.com works with clients in Colorado to secure jumbo mortgages. Our expert team has the knowledge and experience to guide you through your home loan process.
As mortgage experts in Colorado and the Denver Metro area, we’ll thoroughly analyze your situation to determine the best type of mortgage and loan term to fit your budget and needs. We offer personalized service to give you great advice and peace of mind.
Contact us to schedule a FREE mortgage assessment.
What Is A Jumbo Loan?
A jumbo loan is a type of mortgage used to finance a home with a higher price. In most cases, a conventional loan has a maximum amount set by Fannie Mae and Freddie Mac. When the loan amount exceeds this limit, financing options outside of the FNMA and FHLMC purview must be considered. These are appropriately called “jumbo loans.”
Jumbo loans are also called non-conforming conventional mortgages. Because Fannie Mae and Freddie Mac don’t insure or guarantee these loan types, they usually have more restrictive features and requirements.
We work extremely hard with homebuyers to determine the best type of loan for your home.
How Jumbo Loans Work
Homebuyers and homeowners who find or have a home that is a bit above the typical price tag can find a multitude of financing options using a jumbo loan.
Jumbo loans work very much like other home mortgages, however, there are some differences. Down payment requirements are one of the biggest differences between these and “conforming loans.” Jumbo loans usually require at least 10% and sometimes 20% down payments.
Credit score requirements are usually a bit higher than “conforming loan” types as well and usually start at 660 or 680. Another requirement that some jumbo loans have is a payment “reserve requirement” mandating that a borrower prove that they have three to12 months of mortgage payments in a savings account or retirement account.
Jumbo loans provide an excellent financing solution for the higher priced homes that we see here in Colorado.
Contact us today to schedule a FREE loan assessment.
Why Work with a Mortgage Bank for A Jumbo Loan?
A mortgage bank understands various loan options and how to evaluate the best solution based on each client’s unique financial situation. Plus, working with an expert lender offers significant peace of mind during the stressful process of buying a new home and refinancing one you might already own.
The experienced professionals at 5280Lend.com guide our clients through each step to find the right financing option, including jumbo loans.
We work with a limited number of clients each month to ensure we continually meet our standards for personalized service. As a local Colorado lender, we understand Colorado loan laws and requirements. You can count on us for support in purchasing your dream home!
Start today with a FREE mortgage assessment.
Jumbo Loan FAQs
Colorado Jumbo Mortgage Experts
As a trusted Colorado mortgage lender, we are here to help you find the best home loan to help you purchase or refinance the property you desire or own already. Jumbo loans give homebuyers more options when financing their property.
We can help you with mortgage preapproval, and we can determine how current mortgage rates and closing costs will impact your loan.
5280Lend.com works with clients in Colorado and the Denver area to finance their dream homes. We thoroughly analyze your finances and goals to determine if a jumbo loan works for you.