Higher Conforming Loan Amounts Now Available
The maximum mortgage loan amounts for conventional conforming loans have been increased for 2021. Here’s what the new loan amounts are, and what the increased loan amounts mean for you.
The maximum conventional conforming loan amount in the Metro Denver counties (Adams, Arapahoe, Broomfield, Denver, Douglas, and Jefferson) is now $596,850. In Boulder County, the new maximum loan amount for conventional conforming loans is now $654,350. These loan amounts are for 1-unit properties. For 2-4-unit properties, the maximum loan amounts are higher.
It is possible to get a conventional mortgage for more than the loan amounts listed above, but it would be considered a jumbo loan, and would have higher down payment requirements and stricter underwriting guidelines.
What does this mean for you, the consumer?
If you keep your loan amount at or below these amounts, you will be able to get a mortgage with a low down payment. The down payment requirement for conventional loans is only 5% of the purchase price (some only require 3% down – ask us for details).
The underwriting guidelines for these loans are also much more lenient than they are for jumbo loans, so they are easier to qualify for.
FHA loan limits will be announced shortly. VA does not have a maximum loan amount.
To take advantage of these higher loan amounts, contact us today.