Home prices around Durango, Purgatory and the San Juans mean more buyers need financing above the conforming loan limit. That is what a jumbo loan is for, and it is one area where working with a broker can make a real difference.
Jumbo loans are not backed by Fannie Mae or Freddie Mac, so each lender sets its own rules. Two lenders can look at the same file and come to very different answers. I shop multiple jumbo lenders to match each buyer with the program that fits.
Many buyers here do not have a simple W-2: business owners, retirees living on investments and remote workers with complicated income. Traditional banks can struggle with those files. Options include standard full-documentation jumbo loans, bank-statement loans that qualify you on deposits, and asset-based loans that use investment and retirement balances.
Sometimes a conforming first mortgage with a smaller second loan, or putting more down to stay under the conforming limit, makes more sense. Each path has trade-offs in cost, payment and flexibility, and I will run them side by side so you can see the difference.
Mountain properties come with questions about HOAs, wells and septic, road access and insurance. I have financed homes across La Plata County for years and know what to check early so your closing stays on schedule.
Still comparing mortgage lenders in Durango? See how working with one local broker lets you compare multiple lenders for your situation.
Have questions about your own situation? Call me at 970-828-1610 or book a time to talk. There is never any cost or obligation.
Peter Pritchard, NMLS #404172 | Animas Mountain Mortgage Inc., NMLS #1742747 | 1099 Main Ave, Ste 305, Durango, CO 81301 | Equal Housing Opportunity. This article is general information, not a commitment to lend. Loan approval depends on credit, income, property and program guidelines.
The Fed’s campaign of interest rate hikes spanned over 18 months, representing a significant intervention in the central bank’s history. These measures have transitioned the Fed into a phase of observation, as it awaits indications of declining inflation rates towards its 2% target, as measured by the Personal Consumption Expenditure (PCE) index, a preferred inflation gauge.
When should I refinance?
So that’s my goal here – to shed some light on what the Federal Reserve is and how it impacts your finances and investments.
If you’re house hunting around Bayfield, Ignacio or out on one of La Plata County’s rural roads, there’s a loan program you should at least check before you decide how to finance: the USDA Guaranteed home loan. A lot of buyers I talk to assume “USDA” means farms only. It doesn’t. It’s a mainstream home …
What Durango homebuyers need to get pre-approved: documents to gather, the steps, and tips from a local mortgage broker.
How a reverse mortgage (HECM) works, what you still pay, how spouses and heirs are protected, and whether it fits your retirement plans. Local help in Durango.
Peter Pritchard NMLS #404172 | Animas Mountain Mortgage Inc. NMLS #1742747 | CO license 100009365 | Equal Housing Opportunity