Understanding Colorado’s Conforming Loan Limits for 2023

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Learn All About the 2024 Colorado Conforming Loan Limits for Various Property Types. Call Sammamish Mortgage Today for a Personalized Quote! 80014

This page includes all Colorado county conforming loan limits for 2024, as well as some information about why such caps are established. Home loans that exceed the maximum amounts displayed below are considered “jumbo” mortgages.

The 2024 conforming loan limit for most counties in Colorado is set at $766,550. In the more expensive counties of Colorado, the single-family loan limits in 2024 are higher, as is outlined in the chart below.

Buying a home in Colorado can be an exciting yet challenging process, especially when it comes to securing financing. One important factor that impacts the mortgage options available is something called conforming loan limits. For 2023, conforming loan limits in Colorado have increased, giving buyers more purchasing power and flexibility. In this article, we’ll break down exactly what conforming loan limits are, how they impact home loans, and what the 2023 limits are for counties across Colorado.

What Are Conforming Loan Limits?

Conforming loan limits are maximum mortgage amounts established each year by the Federal Housing Finance Agency (FHFA) for conventional loans backed by Fannie Mae and Freddie Mac. Loans at or below these limits are referred to as conforming loans. Here are some key things to know:

  • Conforming loans generally have more favorable interest rates and terms since they can be purchased and securitized by Fannie Mae and Freddie Mac.

  • Loans above the conforming limit are considered jumbo loans and typically have higher rates and stricter requirements.

  • The baseline conforming limit applies to most of the U.S Higher limits exist in more expensive housing markets

  • Limits vary not just by state but also by county and the number of housing units (single-family, duplex, etc.)

Why Do Conforming Loan Limits Matter?

Conforming loan limits impact mortgage options and costs. If your loan amount exceeds the limit for your county and property type, you’ll end up with a jumbo loan. Jumbo loans typically have:

  • Higher interest rates – Around 0.25% to 0.5% higher on average.

  • Larger down payments – Often 20% or more is required.

  • Stricter credit score and debt-to-income requirements,

  • Fewer lenders offering financing.

That’s why it’s important to be aware of the conforming limit for your specific situation. A higher limit means more buyers can obtain lower-cost conventional financing.

Colorado’s Conforming Loan Limits for 2023

For 2023, FHFA increased baseline conforming limits nationwide by around 8.4% to reflect higher home prices. This applies to most Colorado counties, where the new one-unit limit is $726,200. But limits are even higher in more expensive areas:

  • Boulder County – $856,750
  • Denver County – $787,750
  • Douglas County – $787,750
  • Eagle County – $1,075,250
  • Garfield County – $948,750
  • Gilpin County – $787,750
  • Pitkin County – $948,750
  • Routt County – $845,250
  • San Miguel County – $862,500
  • Summit County – $953,350

You can check the full list of 2023 Colorado conforming loan limits by county here.

The limits also vary based on the number of units in a property:

  • One-unit (single family home)
  • Two-unit (duplex)
  • Three-unit (triplex)
  • Four-unit (fourplex)

A duplex will have a higher conforming limit than a single-family home in the same county, for example.

How Much Mortgage Can I Get with Conforming Loan Limits?

The conforming loan limit represents the maximum allowed loan amount, not the amount you will necessarily qualify for. The mortgage amount you can obtain depends on factors like:

  • Your income, assets, credit score and down payment – These determine loan approval and your maximum affordable mortgage amount.

  • Conforming loan limit for your county and property – This acts as the ceiling for a conforming loan.

  • Loan-to-value (LTV) requirements – Conforming loans usually require at least a 20% down payment for a primary home and a 25% down payment for a second home or investment property.

Run some mortgage affordability calculations to estimate the loan amount and down payment you may need. This gives you an idea of whether the conforming loan limit could impact you. Our mortgage calculator is a useful tool.

Alternatives If You Need a Jumbo Loan

If it looks like your mortgage amount will exceed the conforming limit, you may need a jumbo loan. Here are some options to consider:

  • Increase your down payment – Putting down 20-30% or more lowers the loan amount required.

  • Lower your purchase price – Opting for a less expensive home brings your loan amount within conforming limits.

  • Explore jumbo lenders – Ask your lender or mortgage broker to recommend options for jumbo financing.

  • Consider portfolio lending – Some banks and credit unions offer jumbo loans that they hold on their own books.

  • Look into piggyback loans – This combines a conforming first mortgage with a second mortgage for the remaining amount.

  • Wait and save more – Build up a larger down payment over time so you can qualify for a lower jumbo loan amount.

The Takeaway

Conforming loan limits determine the availability of lower-cost conventional home financing. It’s important to look up the limits for your specific county and property when buying a home in Colorado. The good news is limits increased statewide for 2023. This allows more buyers to obtain affordable conforming loans. Just be sure to also evaluate your own budget, credit, and down payment. This helps determine if you’ll be impacted by conforming loan limits or need to look into alternative mortgage options.

colorado conforming loan limits 2023

2024 Conforming Loan Limits for Colorado

The table below shows conforming loan limits for all Colorado counties and for all unit types. Keep in mind that a single-family residence is referred to as a 1-unit property below, so if you are thinking of buying a single-family home in 2024, refer to the 1-unit column below. Duplexes are referred to as 2-unit properties, triplexes are referred to as 3-unit properties, and multi-plexes are referred to as 4-unit properties below.

County Name 1 Unit 2 Units 3 Units 4 Units
ADAMS $816,500 $1,045,250 $1,263,500 $1,570,200
ALAMOSA $766,550 $981,500 $1,186,350 $1,474,400
ARAPAHOE $816,500 $1,045,250 $1,263,500 $1,570,200
ARCHULETA $766,550 $981,500 $1,186,350 $1,474,400
BACA $766,550 $981,500 $1,186,350 $1,474,400
BENT $766,550 $981,500 $1,186,350 $1,474,400
BOULDER $856,750 $1,096,800 $1,325,800 $1,647,650
BROOMFIELD $816,500 $1,045,250 $1,263,500 $1,570,200
CHAFFEE $766,550 $981,500 $1,186,350 $1,474,400
CHEYENNE $766,550 $981,500 $1,186,350 $1,474,400
CLEAR CREEK $816,500 $1,045,250 $1,263,500 $1,570,200
CONEJOS $766,550 $981,500 $1,186,350 $1,474,400
COSTILLA $766,550 $981,500 $1,186,350 $1,474,400
CROWLEY $766,550 $981,500 $1,186,350 $1,474,400
CUSTER $766,550 $981,500 $1,186,350 $1,474,400
DELTA $766,550 $981,500 $1,186,350 $1,474,400
DENVER $816,500 $1,045,250 $1,263,500 $1,570,200
DOLORES $766,550 $981,500 $1,186,350 $1,474,400
DOUGLAS $816,500 $1,045,250 $1,263,500 $1,570,200
EAGLE $1,149,825 $1,472,250 $1,779,525 $2,211,600
EL PASO $766,550 $981,500 $1,186,350 $1,474,400
ELBERT $816,500 $1,045,250 $1,263,500 $1,570,200
FREMONT $766,550 $981,500 $1,186,350 $1,474,400
GARFIELD $1,149,825 $1,472,250 $1,779,525 $2,211,600
GILPIN $816,500 $1,045,250 $1,263,500 $1,570,200
GRAND $766,550 $981,500 $1,186,350 $1,474,400
GUNNISON $766,550 $981,500 $1,186,350 $1,474,400
HINSDALE $766,550 $981,500 $1,186,350 $1,474,400
HUERFANO $766,550 $981,500 $1,186,350 $1,474,400
JACKSON $766,550 $981,500 $1,186,350 $1,474,400
JEFFERSON $816,500 $1,045,250 $1,263,500 $1,570,200
KIOWA $766,550 $981,500 $1,186,350 $1,474,400
KIT CARSON $766,550 $981,500 $1,186,350 $1,474,400
LA PLATA $766,550 $981,500 $1,186,350 $1,474,400
LAKE $766,550 $981,500 $1,186,350 $1,474,400
LARIMER $766,550 $981,500 $1,186,350 $1,474,400
LAS ANIMAS $766,550 $981,500 $1,186,350 $1,474,400
LINCOLN $766,550 $981,500 $1,186,350 $1,474,400
LOGAN $766,550 $981,500 $1,186,350 $1,474,400
MESA $766,550 $981,500 $1,186,350 $1,474,400
MINERAL $766,550 $981,500 $1,186,350 $1,474,400
MOFFAT $766,550 $981,500 $1,186,350 $1,474,400
MONTEZUMA $766,550 $981,500 $1,186,350 $1,474,400
MONTROSE $766,550 $981,500 $1,186,350 $1,474,400
MORGAN $766,550 $981,500 $1,186,350 $1,474,400
OTERO $766,550 $981,500 $1,186,350 $1,474,400
OURAY $766,550 $981,500 $1,186,350 $1,474,400
PARK $816,500 $1,045,250 $1,263,500 $1,570,200
PHILLIPS $766,550 $981,500 $1,186,350 $1,474,400
PITKIN $1,149,825 $1,472,250 $1,779,525 $2,211,600
PROWERS $766,550 $981,500 $1,186,350 $1,474,400
PUEBLO $766,550 $981,500 $1,186,350 $1,474,400
RIO BLANCO $766,550 $981,500 $1,186,350 $1,474,400
RIO GRANDE $766,550 $981,500 $1,186,350 $1,474,400
ROUTT $1,012,000 $1,295,550 $1,566,050 $1,946,200
SAGUACHE $766,550 $981,500 $1,186,350 $1,474,400
SAN JUAN $766,550 $981,500 $1,186,350 $1,474,400
SAN MIGUEL $994,750 $1,273,450 $1,539,350 $1,913,000
SEDGWICK $766,550 $981,500 $1,186,350 $1,474,400
SUMMIT $1,006,250 $1,288,200 $1,557,150 $1,935,150
TELLER $766,550 $981,500 $1,186,350 $1,474,400
WASHINGTON $766,550 $981,500 $1,186,350 $1,474,400
WELD $766,550 $981,500 $1,186,350 $1,474,400
YUMA $766,550 $981,500 $1,186,350 $1,474,400

Why Loan Limits Were Increased for 2024

As mentioned earlier, an increase in home prices is the main reason why conforming loan limits increase every year. In Colorado, the median home price reached $531,605 as of December 2023, which was actually a decrease of 1.6% from the same time the previous year.

Other parts of the state also saw decreases in home prices, such as in Colorado Springs which saw a decrease in home prices of 2.1% over 2023, reaching $440,299 by year-end.

Nevertheless, the conforming loan limits have increased for 2024.

What The New 2023 Conforming Mortgage Limits Mean For Colorado

FAQ

What are the conforming loan limits for 2023?

Property Type
2023 low-cost area limit
2023 high-cost area limit
Single family home
$726,200
$1,089,300
Two units
$929,850
$1,394,775
Three units
$1,123,900
$1,685,850
Four units
$1,396,800
$2,095,200

What is the 2024 conforming loan limit in Colorado?

The 2024 conforming loan limit for most counties in Colorado is set at $766,550. In the more expensive counties of Colorado, the single-family loan limits in 2024 are higher, as is outlined in the chart below. The table below shows conforming loan limits for all Colorado counties and for all unit types.

Will conforming loan limits increase in 2024?

Nevertheless, the conforming loan limits have increased for 2024. “The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024.

What is a conforming loan limit value (CLL) in 2024?

“The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.”

What are Colorado conforming loan limits?

Colorado conforming loan limits are established by the Federal Housing Finance Agency (FHFA), which is required to track average home prices in Colorado and the rest of the country. The FHFA is also required to adjust the baseline conforming loan limit every year as needed to reflect fluctuations in home values.

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