Colorado Mortgage Loan Limits

Colorado Mortgage Loan Limits on FHA and Conforming Loans

Gustan Cho Associates are mortgage brokers licensed in 48 states

This blog will explore and discuss the Colorado mortgage loan limits for FHA and Conventional Loans. Similar to trends nationwide, Colorado has seen an increase in loan limits for 2022. After thorough analysis, the Federal Housing Finance Agency (FHFA) has raised the conforming loan limits nationwide in response to the significant rise in home prices.

The FHFA Increase Colorado Mortgage Loan Limits on Conforming Loans Limit Due to Increasing Home Prices

In 2024, the conforming loan limit for standard areas, where home prices match the national median, is now $766,550. The FHFA adjusted this after analyzing real estate transactions over the last year and observing an increase in home prices. This blog will cover high-balance areas in Colorado and their FHA and conventional loan limits.

Talking to realtors in the Denver metro area, housing prices are beginning to level off, creating a great opportunity for buying a home. This means buyers might have better chances to find suitable financing under the new Colorado Mortgage Loan Limits.

Is Conforming the Same as FHA?

Conforming and FHA loans serve different borrower needs. Conforming loans, also known as conventional loans, follow the rules set by Fannie Mae and Freddie Mac. These loans necessitate elevated credit scores and down payments beginning at 5%. They offer competitive interest rates, but if your down payment is less than 20%, you’ll need private mortgage insurance (PMI).

For 2024, the national conforming loan limit for a single-family home in high-cost areas is $766,550, with higher limits for certain regions. These loans are ideal if you have a strong credit profile and significant savings.

FHA loans, supported by the Federal Housing Administration, are intended for individuals with lower credit scores and smaller down payments. A minimum of 3.5% is necessary. FHA loans involve an initial mortgage insurance premium (UFMIP) and a yearly mortgage insurance premium (MIP), irrespective of the down payment amount.

In high-cost areas for 2024, the FHA loan limit for a single-family home is $1,149,825. These loans make homeownership more accessible for those with less-than-perfect credit, offering a viable path to buying a home.

Both types of loans have been adjusted to reflect rising home prices, ensuring that borrowers in Colorado and nationwide can still access the financing they need.  Speak With Our Loan Officer for Mortgage Loans

Colorado Mortgage Loan Limits On Conventional Loans

As stated above there was an overall increase on average of 8.9% across the board. Please see the chart below for the majority of counties throughout Colorado and the United States.

New Updated Colorado Mortgage Loan Limits

Below are conforming Colorado Mortgage Loan Limits

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

Colorado Mortgage Loan Limits in Higher Cost Housing Areas

As you can see, the higher loan limits now let you buy a more expensive home without needing a jumbo mortgage. Jumbo loans can be tough to qualify for today’s market, so this increase is great news for anyone looking to buy a new home. At Gustan Cho Associates, we don’t add extra requirements on conventional mortgages, which means we can help more families than most other mortgage companies.

Contact our team at Gustan Cho Associates for more information on Colorado Mortgage Loan Limits and how they can benefit you.

High-Balance Loans in High-Cost Areas Colorado Mortgage Loan Limits

Colorado Mortgage Loan LimitsMany of you reading this blog in Colorado will live in a “high-balance” county. This means the loan limits are even HIGHER for Conventional Loans. Below is a list of those counties in alphabetical order:

ADAMS

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

ALAMOSA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

ARAPAHOE

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

ARCHULETA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

BACA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

BENT

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

BOULDER

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

BROOMFIELD

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

CHAFFEE

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

CHEYENNE

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

CLEAR CREEK

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

CONEJOS

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

COSTILLA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

CROWLEY

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

CUSTER

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

DELTA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

DENVER

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

DOLORES

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

DOUGLAS

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

EAGLE

  • 1-Unit Property – $1,149,825
  • 2-Unit Properties – $1,472,250
  • 3-Unit Properties – $1,779,525
  • 4-Unit Properties -$2,211,600

ELBERT

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

EL PASO

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

FREEMONT

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

GARFIELD

  • 1-Unit Property – $1,149,825
  • 2-Unit Properties – $1,472,250
  • 3-Unit Properties – $1,779,525
  • 4-Unit Properties -$2,211,600

GILPIN

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

GRAND

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

GUNNISON

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

HINSDALE

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

HUERFANO

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

JACKSON

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

JEFFERSON

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

KIOWA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

KIT CARSON

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

LAKE

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

LA PLATA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

LARIMER

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

LAS ANIMAS

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

LINCOLN

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

LOGAN

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

MESA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

MINERAL

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

MOFFAT

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

MONTEZUMA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

MONTROSE

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

OTERO

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

OURAY

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

PARK

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

PHILIPS

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

PROWERS

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

PITKIN

  • 1-Unit Property – $1,149,825
  • 2-Unit Properties – $1,472,250
  • 3-Unit Properties – $1,779,525
  • 4-Unit Properties – $2,211,600

PUEBLO

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

RIO BLANCO

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

ROUTT

  • 1-Unit Property – $1,012,000
  • 2-Unit Properties – $1,295,550
  • 3-Unit Properties – $1,566,050
  • 4-Unit Properties – $1,946,200

SAGUACHI

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

SAN MIGUEL

  • 1-Unit Property – $756,700
  • 2-Unit Properties – $968,700
  • 3-Unit Properties $1,170,950
  • 4-Unit Properties $1,455,200

SEDGWICK

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

SUMMIT

  • 1-Unit Property – $1,006,250
  • 2-Unit Properties – $1,288,200
  • 3-Unit Properties – $1,557,150
  • 4-Unit Properties – $1,935,150

TELLER

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

WASHINGTON

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

WELD

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

YUMA

  • 1-Unit Property – $766,550
  • 2-Unit Properties – $981,500
  • 3-Unit Properties – $1,186,350
  • 4-Unit Properties – $1,474,400

Colorado Loan Limits On VA Mortgages

VA loans no longer have a maximum loan limit on VA loans. VA used to mirror the Conventional loan limits above before a down payment is required until the VA got rid of the maximum loan limits. For this Veteran to use a VA loan to buy this home for $950,000 in DENVER County, NO down payment will be needed. NOT BAD for a $950,000 home!  Click here to apply for VA Mortgage

Colorado Mortgage Loan Limits on FHA Loans

For most counties in the U.S., including Colorado, the FHA loan limit for single-family homes in 2024 is set at $498,257. In areas with higher housing costs, known as high-balance counties, the FHA loan limit increases to $958,350 for single-family homes. Colorado, with its 64 counties, has a few areas like Eagle County, where the FHA loan limit is higher than the conventional loan limit. For specific high-balance county limits, please refer to the detailed numbers below. We specialize in FHA Manual Underwriting and have no lender overlays, ensuring expert assistance.

ADAMS

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

ALAMOSA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

ARAPAHOE

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

ARCHULETA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

BACA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

BENT

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

BOULDER

  • 1-Unit Property – $856,750
  • 2-Unit Properties – $1,096,800
  • 3-Unit Properties – $1,325,800
  • 4-Unit Properties – $1,647,650

BROOMFIELD

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

CHAFFEE

  • 1-Unit Property – $632,500
  • 2-Unit Properties – $809,700
  • 3-Unit Properties – $978,750
  • 4-Unit Properties – $1,216,350

CHEYENNE

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

CLEAR CREEK

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

CONEJOS

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

COSTILLA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

CROWLEY

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

CUSTER

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

DELTA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

DENVER

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

DOLORES

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

DOUGLAS

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

EAGLE

  • 1-Unit Property – $1,149,825
  • 2-Unit Properties – $1,472,250
  • 3-Unit Properties – $1,779,525
  • 4-Unit Properties – $2,211,600

ELBERT

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

EL PASO

  • 1-Unit Property- $460,000
  • 2-Unit Properties-$588,850
  • 3-Unit Properties-$711,800
  • 4-Unit Properties-$884,600

FREEMONT

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

GARFIELD

  • 1-Unit Property – $1,149,825
  • 2-Unit Properties – $1,472,250
  • 3-Unit Properties – $1,779,525
  • 4-Unit Properties – $2,211,600

GILPIN

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

GRAND

  • 1-Unit Property – $747,500
  • 2-Unit Properties – $956,950
  • 3-Unit Properties – $1,156,700
  • 4-Unit Properties – $1,437,500

GUNNISON

  • 1-Unit Property – $633,650
  • 2-Unit Properties – $811,200
  • 3-Unit Properties – $980,550
  • 4-Unit Properties – $1,218,550

HINSDALE

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

HUERFANO

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

JACKSON

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

JEFFERSON

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

KIOWA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

KIT CARSON

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

LAKE

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

LA PLATA

  • 1-Unit Property – $655,500
  • 2-Unit Properties – $839,150
  • 3-Unit Properties – $1,014,350
  • 4-Unit Properties – $1,260,600

LARIMER

  • 1-Unit Property – $632,500
  • 2-Unit Properties – $809,700
  • 3-Unit Properties – $978,750
  • 4-Unit Properties – $1,216,350

LAS ANIMAS

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

LINCOLN

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

LOGAN

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

MESA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

MINERAL

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

MOFFAT

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

MONTEZUMA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

MONTROSE

  • 1-Unit Property- $561,200
  • 2-Unit Properties-$718,450
  • 3-Unit Properties-$868,400
  • 4-Unit Properties-$1,079,250

OTERO

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

OURAY

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

PARK

  • 1-Unit Property – $816,500
  • 2-Unit Properties – $1,045,250
  • 3-Unit Properties – $1,263,500
  • 4-Unit Properties – $1,570,200

PHILIPS

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

PROWERS

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

PITKIN

  • 1-Unit Property – $1,149,825
  • 2-Unit Properties – $1,472,250
  • 3-Unit Properties – $1,779,525
  • 4-Unit Properties – $2,211,600

PUEBLO

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

RIO BLANCO

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

ROUTT

  • 1-Unit Property – $1,012,000
  • 2-Unit Properties – $1,295,550
  • 3-Unit Properties – $1,566,050
  • 4-Unit Properties – $1,946,200

SAGUACHI

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

SAN MIGUEL

  • 1-Unit Property – $1,045,350
  • 2-Unit Properties – $1,338,250
  • 3-Unit Properties – $1,617,650
  • 4-Unit Properties – $2,010,350

SEDGWICK

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

SUMMIT

  • 1-Unit Property – $1,006,250
  • 2-Unit Properties – $1,288,200
  • 3-Unit Properties – $1,557,150
  • 4-Unit Properties – $1,935,150

TELLER

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

WASHINGTON

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

WELD

  • 1-Unit Property- $560,050
  • 2-Unit Properties-$716,950
  • 3-Unit Properties-$866,650
  • 4-Unit Properties-$1,077,050

YUMA

  • 1-Unit Property- $498,257
  • 2-Unit Properties-$637,950
  • 3-Unit Properties-$771,125
  • 4-Unit Properties-$958,350

These increases will help many Colorado Borrowers not enter into the jumbo mortgage realm. Qualifications are much more lacking for conventional and FHA financing compared to jumbo financing. We are experts in all mortgage guidelines that are available 7 days a week to take your questions.   Connect Our Loan Officer for VA Mortgage Loans

FAQs: Colorado Mortgage Loan Limits on FHA and Conforming Loans

  • 1. What are the new 2024 conforming loan limits in Colorado? The 2024 conforming loan limit for single-family homes in standard areas with national median average home prices is now $766,550. This increase follows a review by the Federal Housing Finance Agency (FHFA) of real estate transactions over the past four quarters, recognizing a trend of rising home prices nationwide.

  • 2. How do conforming loans differ from FHA loans? Loans that conform to the guidelines set by Fannie Mae and Freddie Mac are called conforming loans or conventional mortgages. Typically, these loans necessitate higher credit scores and larger down payments, beginning at 5%.On the other hand, FHA loans are guaranteed by the Federal Housing Administration and cater to borrowers with lower credit scores and those making smaller down payments, with a minimum requirement of 3.5%. Additionally, FHA loans require mortgage insurance premiums regardless of the amount of the down payment.

  • 3. What are the 2024 FHA loan limits for single-family homes in high-cost areas in Colorado? For 2024, the FHA loan limit for a single-family home in high-cost areas is $1,149,825. This higher limit is intended to help borrowers in areas with elevated home prices access affordable home financing options.

  • 4. What are the high-balance loan limits for specific counties in Colorado? High-balance loan limits vary by county. For instance, in Adams, Arapahoe, and Boulder counties, the limit for a single-family home is $816,500. In Eagle County, the limit is significantly higher at $1,149,825. These higher limits allow borrowers to purchase more expensive homes without resorting to jumbo loans, which often have stricter qualification criteria.

  • 5. How do rising home prices impact loan limits? Rising home prices have led to an overall increase in loan limits to ensure that borrowers can still access affordable financing. For 2024, the FHFA has raised the conforming loan limits nationwide, significantly impacting high-cost areas such as many counties in Colorado. This adjustment helps to accommodate the higher cost of living and home prices in these regions.

For expert mortgage advice throughout Colorado, please contact Alex Carlucci of Gustan Cho Associates at 800-900-8569.  You can call or text that number or send an email to Mike directly at alex@gustancho.com. Gustan Cho Associates is a mortgage company licensed in 48 states with no overlays on government and conventional loans. We also offer non-QM and bank statement loans for self-employed borrowers

This blog about Colorado Mortgage Loan Limits on FHA and Conforming Loans was updated on June 11th, 2024.

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