Jumbo mortgage options have recently expanded for Aurora Colorado home buyers looking to finance their next home purchase. Jumbo loans in the past generally required large down payments, however, new programs have surfaced that permit up to 95% financing for qualified home buyers. Let’s discuss all the Aurora high-balance Jumbo benefits and what homebuyers can expect during the application process.
Jumbo loans are of course classified as any loan that is above the conforming loan limit. For Arapahoe County, the conforming loan limit currently sits at $816,500 for a 1-unit property – see the list below.
Arapahoe County 2024 Conforming Loan Limits:
- 1 Unit – $816,500
- 2 Unit – $1,045,250
- 3 Unit – $1,263,500
- 4 Unit – $1,570,200
Property values in Aurora have remained steady, with the median home listing price sitting around $475,000. This price point easily puts most home purchases within the standard conforming loan category, but what about home buyers purchasing more expensive homes in neighborhoods like Saddle Rock, Seven Hills, or Southshore?
This is where the high-balance jumbo loan comes into play. Jumbo mortgages offer homebuyers financing for greater loan amounts at reasonable interest rates. Loan amount limits are determined based on the down payment and borrower qualifying.
Note, that all programs require full income and asset documentation much like conventional loans. However, business owners have bank statement deposit programs available up to 90% loan-to-value. This program qualifies self-employed buyers on their actual bank deposits rather than a two-year average of tax returns.
5% Down Payment:
- Loan limits up to $1.5m
- Eligible credit scores 680+
- Mortgage payment reserves (after down payment and closing costs) 2-6 months
- Fixed interest rates or ARM without a pre-payment penalty
- No monthly mortgage insurance
- Purchase and rate-term refinance
- Primary residence only
10% Down Payment:
- Loan limits up to $2.25m
- Eligible credit scores 660 (depending on loan amount)
- Mortgage payment reserves: depend on the requested loan amount
- Fixed interest rates or ARM without a pre-payment penalty
- No monthly mortgage insurance
- Purchase, cash-out, and rate-term refinance
- Primary and second home eligible
15% Down Payment:
- Loan limits up to $3m
- Eligible credit scores 640 (depending on loan amount)
- Mortgage payment reserves: depend on the requested loan amount
- Fixed interest rates or ARM without a pre-payment penalty
- No monthly mortgage insurance
- Purchase, cash-out, and rate-term refinance
- Primary and second home eligible
Please connect with us to learn more about any of the options listed. Please call the number above, or just submit the Quick Contact Form on this page.