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As housing prices continue to rise in Colorado many home buyers are looking at mortgage products outside of traditional conventional mortgage and the FHA or VA program.  Each of these traditional programs have caps on the maximum mortgage amount and borrowers need higher loan limits.

In the Denver Metro area, the maximum mortgage amount for a conventional mortgage is $529,000.  If a home buyer is seeking a mortgage that is more than this amount there are multiple strategies that we look at depending on their profile, their goals and the down payment they have.

Now there is an additional option.  A new jumbo mortgage program has been introduced that makes it easier for people to obtain a high balance mortgage in excess of the conforming loan limits.  Additionally, jumbo mortgages historically have been harder to qualify for and have required a 20% down payment whereas this program relaxes both of those requirements.  The primary features of this new jumbo mortgage program are:

  1. Purchase or refinance loan amount up to $2 million;
  2. A down payment as low as 5% with no mortgage insurance required;
  3. Interest only payment options;
  4. Higher debt ratios than most Jumbo programs;
  5. A relaxation of other underwriting criteria that most Jumbo mortgage programs have.

This jumbo program provides financial flexibility to home buyers who would rather not tie up all their capital in a new home and can allow them to deploy that capital to other investments if desired.

If you or someone you know is interested in finding out about this program or some of the other new mortgage products that have come out in the last couple of years give us a call.  We would be happy to discuss all of your options and alternatives.