2021 Conforming Loan Limits for Colorado
2021 Conforming Loan Limits for Colorado
FHFA announced the new conforming loan limits for 2021 for Colorado. This has been anticipated here for the past few weeks as to what these limits would be. And this is going to help out a lot of home buyers because the limits have increased to $548,250 nationwide. That means every county nationwide, except for what we call high balance counties, will have a loan limit of $548,250.
Here are the high balance counties and their new 2021 conforming loan limits for Colorado.
- Denver metro loan limit for 2021 will be $596,850 (Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas. Elbert, Gilpin, Jefferson, and Park Counties)
- Boulder County $654,350
- Summit County $822,375
- Eagle County $822,250
- Garfield & Pitkin Counties $765,600
- Lake County $625,500
- Routt County $678,500
- San Miguel County $649,750
This is a significant increase from the 2020 conforming loan limit of $510,400 nationwide and speaks to the hot housing market and how much home prices have increased. However, home affordability remains at historically affordable levels because of low mortgage rates and increasing household income levels.
These limits are for single family, one unit properties. So if you’re buying a multi-unit property, the loan limit is actually higher than that so that’s something to keep in mind. But just give us a call if you have any questions about that, or if you’re curious about what the 2021 conforming loan limits for Colorado are in your county if you’re in a county that I didn’t mention on this video.
This new loan limit applies to both FHA loans and conforming loans which include Fannie Mae and Freddie Mac loans. Any loan amount above these new limits is considered a jumbo loan which carries different requirements and guidelines. We frequently help families to refinance or purchase a home with jumbo loans as we live and work in foothills and mountain communities where home prices are higher.
If you have any questions about the new 2021 conforming loan limits for Colorado or any other questions loan related just call, text, or email at 303-670-0137 or baxterteam@fairwaymc.com.
