2022 Conforming Loan Limits
2022 Conforming Loan Limits
The new 2022 conforming loan limits in Colorado and nationwide have been set. The conforming loan limit is the maximum amount that any homeowner can borrow to obtain a government-backed Fannie Mae or Freddie Mac loan.
Any loan amount above the 2022 conforming loan limits in Colorado is considered a jumbo home loan. Jumbo loan guidelines and rates are different for every bank, and underwriting standards are much stricter.
The nationwide limit for a conforming loan in 2022 will be $647,200. That means in any county across the country the lowest possible loan limit is $647,200.
Most counties in Colorado will have the $647,200 loan limit, but in higher cost areas like Denver Metro, Boulder, and some of the ski resort counties, the loan limit will be higher. Any loan amount that falls between the $647,200 loan limit and the higher amount set in the high cost areas is called a high balance loan.
Here is a list of the counties in Colorado which have higher loan limits than $647,000:
Adams County, CO: $684,250
Arapahoe County, CO: $684,250
Boulder County, CO: $747,500
Broomfield County, CO: $684,250
Clear Creek County, CO: $684,250
Denver County, CO: $684,250
Douglas County, CO: $684,250
Eagle County, CO: $862,500
Elbert County, CO: $684,250
Garfield County, CO: $856,750
Gilpin County, CO: $684,250
Jefferson County, CO: $684,250
Park County, CO: $684,250
Pitkin County, CO: $856,750
Routt County, CO: $678,500
San Miguel County, CO: $756,700
Summit County, CO: $822,375
To put the 2022 Conforming Loan Limits into perspective, last year the nationwide loan limit was $548,250, which means there was an 18% increase in one year! This shows the large increase in home values that we saw in 2021.
You can check the new FHA loan limits in Colorado here. They differ slightly from the conforming loan limits
With this large increase in home values, is now a good time to buy a home, especially if you are a renter and have been standing by and waiting for home prices to come down. I am still a believer in purchasing a home and especially in Colorado where demand remains high and the supply of available homes remains very low. Although no one has a crystal ball, the laws of supply and demand point to continued increases in prices.
If you would like to explore your options to buy a home or refinance, call me or text at 303-670-0137, or email me at baxterteam@fairwaymc.com . I would love to answer your questions and it doesn’t cost a penny to call.
