What are the Conforming Loan Limits for 2020?
If you’re wondering what the answer to the question is of what are the loan limits for mortgages for 2020, I’m going to answer that question.
So first of all, I want to talk about the nationwide conforming loan limits for 2020, which increased to 510,400. In all the counties across the country, this is the absolute lowest that any county can be for the conforming loan limit for 2020. What this means is that any loan up to that amount is a conforming loan, which is basically a Fannie Mae or Freddie Mac loan. Anything above that limit is what’s called a Jumbo Loan (find out more here). These are just loans that are underwritten with different guidelines.
Now some counties across the nation, and a lot of counties in Colorado especially, they have higher loan limits, and those are called high balance conforming loan limits. I’m going to get into that a little bit here and explain what those limits are in Denver and what counties.
The conforming loan limit for 2020 in the Denver Metro area for 2020 is 575,000. This is up from last year, 561,200. It’s not a humongous increase, but this is going to help some borrowers that might be in that category where they’re just a little bit over that 561 and they need that 575 limit to get into a Fannie Mae or Freddie Mac loan. This is for counties like Jefferson County, Adams County, Arapahoe County, Douglas County.Even as far west as Clear Creek County is included in that 575,000 loan limit. This is good news for these areas.
Here’s a few more counties that are even higher and these counties have been higher for many years now:
The Boulder County, Colorado 2020 conforming loan limit is 644,000 for this upcoming year.
For Eagle County, Colorado, the loan limit for next year is $750,950.
In Pitkin County and Garfield County, Colorado, the conforming loan limit for 2020 is 765,600.
For Lake County, San Miguel County, and Summit County, if you’re buying that ski condo in Summit County, the limit is 625,500.
For Routt County if you’re a Steamboat fan, $638,250.
Hopefully that helps to answer the question of what the conforming loan limits are for 2020. If there’s any questions that you have, as usual, I’m here for you to ask those questions. Just give me a call.