Colorado Mortgage Group can now offer $679,650 Conventional High-Balance loan program
<![CDATA[On March 1st, 2018, Colorado Mortgage Group will offer conventional high-balance loans in Colorado, providing access to a more cost-effective loan product in areas that previously lacked high-balance loans. Currently, only 7% of U.S. counties (220 out of 3,234) have access to loan amounts over $453,100, through FHFA conforming loan limits, with the most expensive areas going up to $679,650. For the rest of the country, the only option is a true jumbo loan, which comes with higher fees, additional guideline requirements and stringent overlays. We are filling this gap by offering a conventional high-balance loan program that covers every county in Colorado. The program gives consumers access to a $679,650 loan amount, competitive rates, a streamlined underwriting process and the accessibility of an $849,570 purchase price with a 20% down payment. With lower rates, more flexible guidelines and fewer requirements than jumbo, Conventional High Balance is popular with many lenders. Guidelines of this High-Balance Colorado Loan include:
- 680 minimum FICO
- 43% debt-to-income
- 80% loan-to-value
- Primary and second homes
- Average turnaround time of 15 days or less from submission to closing
Some areas of Colorado have an average purchase price well above the Conforming loan limits and High-Balance Loan Limits. Jumbo loans often have more rigorous requirements than conventional loan limits. This is a great opportunity for home-buyers who might otherwise not be able to qualify for a home loan.
Contact us today to learn more about jumbo loans and how they can work for you.