A jumbo loan may be the best loan choice for homes from $484,350 to $1 above the conforming limit for the area where the property is located, and for the number of units. (Most of the Denver area is considered high cost with a conforming limit of $561,200.) One- and two- unit properties are eligible for purchase, rate/term refinance and cash-out refinances. Investment properties are limited to one-unit dwellings.
Silver Leaf Mortgage has great fixed-rate and jumbo ARM loans available with no mortgage insurance. There are options starting at 680 FICO credit score, plus special low rates for 700+ FICO score. Our rates are highly competitive and we can close in 25 days or less!
Loan options are available with as little as 10% down and are available for primary, secondary and investment homes. Jumbo loans are for properties with less than 40 acres and homes of more than 600 square feet. (For properties with more than 10 acres, only the 30-year fixed rate is available.)
This specialized product is for properties with a minimum loan amount of $726,526 for a one-unit and $930,301 for a two-unit property. The maximum loan amount is $1,5000,000 (regardless of units) and may be used for a purchase or a rate/term refinance. The Jumbo Bank Buster is a 30-year fixed which requires a minimum 700 FICO score and an 80% LTV (loan-to-value) ratio. Secondary financing is allowed up to 90% CLTV (combined loan-to-value). Cash-out refinances are also available.
Another excellent product is the Jumbo Elite with maximum loan amounts of $1,000,000 to $2,000,000. Both 15- and 30-year fixed rates are available as well as 5/1, 7/1, 10/1 LIBOR ARMs. With an ARM, this means that the loan remains at a fixed rate for five, seven, or ten years before beginning to adjust annually. It is tied to the very stable LIBOR (London Interbank Offering Rate) index. Your loan-to-value (LTV) may be from 60% to 90% with a minimum FICO score of 700 to 720 depending on the circumstances.
When using the Jumbo Elite product to purchase or as a rate/term refinance, one- and two- unit properties are acceptable. The same is true of a cash-out refinance.
With the purchase of a second home, only one-unit properties are allowed with a maximum loan amount of $1,000,000 to $2,000,000. The minimum FICO for a second home purchase is 720 and the required LTV is from 65% to 80% depending on the details of the transaction.
A Jumbo loan may be used for a purchase and rate/term refinance of a one-unit property. The LTV may be as low as 60% or as high as 80% and the maximum loan amount may be as high as $3,000,000. There are 15- and 30-year fixed options available as well as 5/1, 7/1, and 10/1 LIBOR ARMs to choose from.
With a two-unit property, the maximum loan amount ranges from $1,000,000 to $1,500,000 with a 60–65% LTV. Cash-out refinances up to $2,500,000 maximum loan amount are available with between 50 and 70% LTV. Call Silver Leaf Mortgage for all the details.
You can also purchase a second home or do a rate/term refinance on a second home using a Jumbo loan. Only one- unit properties will qualify as second homes and the loan-to-value must be 60 – 80% with a minimum 720 FICO.
If an Investment property is what you have in mind, Silver Leaf Mortgage can help with both a purchase and a rate/term refinance. A 740 FICO score is needed, and one- to four-unit properties are acceptable.
Silver Leaf also offers jumbo loans to those that do not meet the criteria above. See our Non-conforming loans.
It is always a good idea to speak with a Senior Loan Officer at Silver Leaf Mortgage before you go house hunting with your real estate agent so that we can provide you with a pre-approval letter. Sellers are far more likely to accept an offer that is backed up with a lender letter indicating that you will be able to get a loan to complete the purchase transaction.
Call Silver Leaf Mortgage today to find out how you can get a great rate, and a fast closing on your jumbo loan! At Silver Leaf Mortgage, we are a Denver-based mortgage company with 100 years of combined experience in the mortgage industry. We have helped people all over Colorado, and know how exciting and overwhelming a new home purchase or refinance can be. We’re committed to guiding you every step of the way. Our mission is “to love and serve our clients well.”