Jumbo loans: You’re gonna need a bigger welcome mat
Home, sweet expensive home. Whether you’re looking for a loan that’s just above the conforming loan limit or well into the millions, a jumbo loan can get you qualified and calling the moving company faster.
Bigger homes, bigger loans: All About JUMBO Mortgages
In Colorado, where the mountain views are grand and the real estate market can be a little wild, a Jumbo loan is your ticket to buying a home that’s a bit larger than life. A Jumbo loan is a mortgage that exceeds the limits set by Fannie Mae and Freddie Mac, allowing you to finance those higher-priced homes—think stunning properties in the foothills or ski chalets in the mountains! Since Jumbo loans don’t fit within conventional guidelines, they may have slightly different terms, like stricter credit or down payment requirements. But don’t worry! At Westerra Credit Union, we’re your Colorado neighbors, and we’ll help you navigate the process to make buying your dream home a breeze. Whether you're eyeing a cozy cabin in the Rockies or a luxury home in Denver, we’ve got your back.
Is a Jumbo loan right for you?
Qualifying for a Jumbo loan in Colorado is about more than just the mountains you want to climb; it’s about making sure your finances are in tip-top shape! We’ll look at your credit score (usually 680 or higher), down payment (most are 20% or more, but Westerra has options for smaller down payments, even as little as 3%), income to ensure its solid enough to handle the larger loan amount, and debt-to-income ratio (DTI) to ensure you can comfortably afford that dream home. At Westerra, we understand Colorado’s housing market can be a little more breathtaking (literally and figuratively!) — so our team is here to help guide you through the process in a way that’s clear and easy to understand. Ready to explore your options? Let’s make your dream home a reality!
Ready to turn your dream into a reality?
Our expert team is here to guide you every step of the way, ensuring a smooth and stress-free experience. Your dream home is just an application away — let's make it happen together!
Frequently Asked JUMBO Loan Questions
Choosing a Jumbo loan with Westerra Credit Union means you get competitive rates, flexible terms, and personalized service from a team that understands Colorado's unique housing market. Plus, we offer options for smaller down payments, making it easier to secure your dream home.
The application process for a Jumbo loan is straightforward and user-friendly. Start by filling out our online application, then our team will guide you through each step, from documentation to approval, ensuring a smooth and stress-free experience.
Yes, you can refinance your existing mortgage into a Jumbo loan with Westerra Credit Union. Refinancing can help you take advantage of lower interest rates or better terms, allowing you to save money or access additional funds for home improvements.
Jumbo loans can be used to finance a variety of high-value properties, including single-family homes, luxury estates, vacation homes, condominiums and investment properties.
Yes, Jumbo loans often require more detailed appraisals compared to conventional loans. This can include a more in-depth inspection, the use of appraisers with high-end real estate experience, and sometimes even two appraisals to ensure an accurate property value.
Loan approval is subject to credit approval and program guidelines. Credit Union membership required. Interest rate and program terms are subject to change without notice.
*Annual Percentage Rate (APR) is the cost of the loan in percentage terms, taking into account various loan charges such as Prepaid Finance Charges (discount points, processing and underwriting fees, flood certificate, tax service, closing and wire fees, prepaid interest) and Private Mortgage Insurance (if applicable). Refi scenarios based on rate and term transaction, 760+ FICO, $400K or $900K (Jumbo) loan amounts at 60% LTV. Purchase scenarios based on 760+ FICO, $500K or $900K (Jumbo) loan amounts at 60% LTV. Variables such as LTV, CLTV, credit score, cash out, occupancy and property type, etc., could affect rate and APR. Rates are based on individual credit history and are subject to change without notice. Rates are for conventional-conforming loans only. Other rates and terms may apply for Jumbo and nonconforming/specialty portfolio programs. Please contact a Westerra Credit Union Mortgage Loan Officer at 303-321-4209 for more details. Westerra Credit Union NMLS 421606.
