A jumbo, or non-conforming, loan is a type of loan that exceeds the conforming loan limit in Colorado. Any mortgage for an amount greater than the local conforming limit is considered a jumbo home loan, and Affordable Interest Mortgage can help you ensure you’re getting the best deal for your situation in Colorado. When you get all the facts upfront from qualified professionals, you may end up saving yourself a ton of money in the future.
What’s a Jumbo Mortgage Loan in Colorado?
When your loan exceeds the limit, it’s considered a non-conforming loan. Loans are regulated to make sure lenders have sufficient cash available to lend to Americans who wish to buy a home. Opting for a jumbo mortgage loan is helpful if you want to buy a luxury home or something significantly more expensive than average. However, jumbo home loans typically come with strict credit requirements and an even more rigorous review of the applicant’s finances in Colorado. Additionally, more assets or larger down payments are often necessary.
Benefits of Jumbo Home Loans in Colorado
There are many different scenarios where it may make sense to choose a non-conforming loan in Colorado, and the experts at Affordable Interest Mortgage can help you understand if it applies to you. If you’re building or buying an expensive house in Colorado, it could be seriously advantageous. Most importantly, applying for a jumbo mortgage loan only makes sense if you have the financial resources needed to pass the rigorous qualification process, including having a high credit score and sufficient liquid assets available.