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 come with different requirements and limitations. Additionally, more assets or a larger down payment may be required.
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.