Financing in Highlands Ranch>Question Details

John Smith, Home Buyer in Denver, CO

Jumbo mortgages in Douglas County - max CLTV?

Asked by John Smith, Denver, CO Mon Feb 11, 2013

We are interested in purchasing a home for $900k and $1M in Douglas County. Would be interested to know what programs are out there for 90 % CLTV at that pricepoint - 780 FICOs....

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I spoke to my Lender, Rich Oakely at Colorado State Bank and Trust and here is what he has available:

My 90% jumbo is available as an 80/10/10 to a max of $781,250. First is $625,000 and a second of $78,125 where we fund and keep both loans for servicing. This is available on an ARM product of 5, 7 or 10 years fixed then adjustable afterwards. For amounts over this I am capped at 80% LVT/CLTV.

If the Buyer is a Physician then I can do 100% LTV up to $750,000 or 90% LTV up to $1mm with NO MI required. This one only works for Medical Doctors and Medical Students in residency. Physician’s Assistants etc are not eligible.

Please call or email of you need any additional data or have any questions.

Thanks!
Rich

Richard Oakley
Senior Mortgage Banker
NMLS ID# 492665

Colorado State Bank & Trust, N.A.
10026 West San Juan Way
Littleton, CO 80127
(720) 981-6120 Phone
(720) 936-7223 Cell
(303) 566-5327 Fax
Email roakley@csbt.com
Apply Online: http://www.csbt.com/richardoakley
0 votes Thank Flag Link Mon Feb 11, 2013
Hi John,

I specialize in the luxury market here in Highlands Ranch and Castle Pines North area. I work closely with a lender who does Jumbo loans in Douglas County. Considering that each consumers needs vary, it typically is difficult to share with you the multiple programs available. Other factors that are needed to propose a product besides credit score are annual income, job history, previous bankruptcy filing in past 7 years? I would recommend calling Bonnie Briese at Pinnacle Mortgage. Her contact info is:
303-996-4893 or bbriese@pinnacle-mortgage.com. She is an amazing lender who will be upfront and honest with you regarding loan information and will work hard to give you the best rates possible.
Good Luck

Lisa Crumby
lisa.crumby@gmail.com
0 votes Thank Flag Link Mon Feb 11, 2013
Most responses you will get here are from Realtors. The question you are asking is best answered by a loan expert. I know a few of them that I would recommend. I can explain how to select a lender if we speak. Rate is only one aspect to consider....especially in the current market conditions.

I live in Castle Rock in Douglas County and I have lenders who work very directly here. Call me on my cell phone if you would like. My number is at the top of my website at http://www.searchforhomesincolorado.com and you are welcome to email me as well. Lenders are not all the same and you need to have a good one for the type of loan you are trying to acquire.

I look forward to hearing from you. Have a great day.

Frank Nuebel
0 votes Thank Flag Link Mon Feb 11, 2013
John, there are products available, and there are more options available with a good FICO score. Just last year I helped a client with an 80-10-10 solution on a single Family jumbo. I would be happy to point you to some direct lenders that specialize in these products and they can review the options with you and help you prepare.
0 votes Thank Flag Link Mon Feb 11, 2013
Hi John,

Feel free to contact me anytime to discuss the jumbo market and some of its nuances. Trying to leave a complete answer here would be too long and complex. I can say I just helped a client purchase a home here in Douglas County with a jumbo product. Not all products are equal! There are some underwriting issues and concerns you should be aware of upfront that could be the difference in closing on the home on time or at all!
0 votes Thank Flag Link Mon Feb 11, 2013
Was just speaking to a mortgage pro last friday about a new product that is being offered but not yet widely known about in the Colorado Jumbo loan market. Forgot a few of the details, but I would contact them thru the site ref below. As I recall it was a pretty sweet deal for those that can qualify for it. Good luck.
0 votes Thank Flag Link Mon Feb 11, 2013
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