Everything You Need to Know About Jumbo Loan Limits in Colorado

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 expensive, especially in cities like Denver and Boulder where home prices are well above the national median If you need to borrow more than the conforming loan limit to buy a home, you’ll need a jumbo mortgage Jumbo loans have different guidelines and eligibility requirements than conforming loans, so it’s important to understand how they work before applying for financing.

In this comprehensive guide, we’ll explain what jumbo loans are, who needs them, and what the jumbo loan limits are in every county across Colorado Read on to learn everything you need to know to qualify for a jumbo mortgage!

What is a Jumbo Loan?

A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA) each year. The baseline conforming loan limit in most U.S. counties in 2023 is $726,200. In higher cost areas like Colorado, the conforming limit is higher, but still capped.

Any loan amount above the conforming limit for that county is considered a jumbo loan. These are also sometimes called “non-conforming loans” since they fall outside the bounds of what Fannie Mae and Freddie Mac are allowed to buy.

Here are some key facts about jumbo mortgages:

Not government-backed – Jumbos are non-conforming so they are not eligible for government backing. This means they cannot be FHA, VA, or USDA loans.
Typically have higher interest rates – Since they are not government-backed, jumbos tend to have higher interest rates than conforming loans. The rate premium can be 0.25% to 0.5% higher.
Require higher credit scores and down payments – Lenders have stricter eligibility standards for jumbo borrowers. Minimum credit scores are often 720+ and down payments are at least 20%.
No maximum loan amount – Conforming loans are capped at a certain amount but jumbos have no upper limit. You can borrow millions with a jumbo!
Available for purchases and refinances – Jumbos can be used to buy or refinance higher-priced homes. Cash-out refinancing is also allowed.

Conforming Loan Limits in Colorado

To understand jumbo loans, you first need to know what the conforming loan limits are in your county. The FHFA sets the baseline conforming limit each year, and counties with higher home prices get a higher limit.

Here are the 2023 conforming loan limits for counties across Colorado:

Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, Park: $726,200
Eagle, Garfield, Pitkin, Routt, Summit: $1,089,300
All other counties: $647,200

A few counties such as Boulder, Denver, and Routt saw small limit increases for 2023. But limits remained flat or even decreased in other metro areas like Colorado Springs and Fort Collins.

As long as your loan amount is at or below the conforming limit for your specific county, you can qualify for a conventional conforming loan. Once you exceed that limit, you’ll need a jumbo.

Who Needs a Jumbo Mortgage in Colorado?

Due to high home prices in the state, a large number of Colorado borrowers need jumbo loans to buy real estate. Here are some examples of borrowers who typically require jumbos:

Luxury homebuyers – Those purchasing million-dollar homes in Denver, Boulder, Vail, Aspen, and other luxury markets.
Those buying in metro downtowns – Urban properties in downtown Denver and other central business districts often exceed conforming limits.
Large families needing more space – Big households buying 4-5 bedroom homes in the suburbs with more square footage.
Relocating from higher-priced markets – Transplants from places like California may need jumbos even for median-priced Colorado homes.
Those tapping their home equity – Existing luxury homeowners using cash-out refinancing to access their equity may hit the jumbo threshold.
Purchasing investment properties – Real estate investors buying high-end rental properties with cash or via financing.

Basically anyone who needs to borrow more than the conforming limit for their specific county will need a jumbo mortgage. The good news is there are many lenders eager to do jumbo loans for credit-qualified borrowers in Colorado.

Jumbo Loan Limits in 2023 for All Colorado Counties

Wondering exactly how much you can borrow with a jumbo in your county? Here are the 2023 Colorado jumbo loan limits for every county in the state:

County	2023 Conforming Limit
Adams	$726,200
Alamosa	$647,200
Arapahoe	$726,200
Archuleta	$647,200
Baca	$647,200
Bent	$647,200
Boulder	$726,200
Broomfield	$726,200
Chaffee	$647,200
Cheyenne	$647,200
Clear Creek	$726,200
Conejos	$647,200
Costilla	$647,200
Crowley	$647,200
Custer	$647,200
Delta	$647,200
Denver	$726,200
Dolores	$647,200
Douglas	$726,200
Eagle	$1,089,300
El Paso	$647,200
Elbert	$726,200
Fremont	$647,200
Garfield	$1,089,300
Gilpin	$726,200
Grand	$647,200
Gunnison	$647,200
Hinsdale	$647,200
Huerfano	$647,200
Jackson	$647,200
Jefferson	$726,200
Kiowa	$647,200
Kit Carson	$647,200
La Plata	$647,200
Lake	$647,200
Larimer	$647,200
Las Animas	$647,200
Lincoln	$647,200
Logan	$647,200
Mesa	$647,200
Mineral	$647,200
Moffat	$647,200
Montezuma	$647,200
Montrose	$647,200
Morgan	$647,200
Otero	$647,200
Ouray	$647,200
Park	$726,200
Phillips	$647,200
Pitkin	$1,089,300
Prowers	$647,200
Pueblo	$647,200
Rio Blanco	$647,200
Rio Grande	$647,200
Routt	$1,089,300
Saguache	$647,200
San Juan	$647,200
San Miguel	$647,200
Sedgwick	$647,200
Summit	$1,089,300
Teller	$647,200
Washington	$647,200
Weld	$647,200
Yuma	$647,200

Any loan amount over the limit for your county would be considered a jumbo mortgage. This table makes it easy to determine if you’ll need to apply for a jumbo based on the purchase price or loan amount needed for your Colorado home.

For example, if you are buying a $800,000 home in Denver, you’ll need a jumbo because that exceeds the $726,200 conforming limit in Denver county. But if you’re buying a $600,000 home in Grand county, a conforming loan would work because that’s under the $647,200 conforming limit for that area.

Jumbo Loan Requirements Borrowers Must Meet

Because they are considered riskier, jumbo mortgage lenders have stricter eligibility standards for borrowers:

Credit score – Most jumbo lenders want at least a 720 FICO score, often higher. Some may approve 680+ scores if you have a larger down payment.

Down payment – Expect a minimum down payment of 20% of the purchase price. Some jumbo lenders allow as low as 10% down but charge mortgage insurance.

Debt-to-income ratio – Your total monthly debt divided by gross monthly income should be below 43% in most cases. The lower the better.

Loan-to-value ratio – The loan amount divided by the home’s value.

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.

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

What The New 2023 Conforming Mortgage Limits Mean For Colorado

FAQ

What is the jumbo loan limit in Colorado?

$$1,149,825 is the maximum limit in higher-cost counties As a reminder, the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home you’re buying.

What is the loan limit for 2024 in Colorado?

The 2024 conforming loan limit for the majority of Colorado is $766,550, up 5.5% from the 2023 limit of $726,200. This adjustment means that Colorado homebuyers will have more financing options (and possibly lower interest rates) when purchasing a more expensive home.

What is the jumbo loan limit for 2024?

For 2024, the upper limit is $766,550 to $1,149,825, depending on location. Jumbo loans are mortgages that exceed these limits in their respective counties.

Do you have to put 20% down on a jumbo loan?

With jumbo loans, though, it is typically required that borrowers make a down payment of at least 10% of the home’s value. Some lenders might actually require you to make a down payment of as much as 20%.