Higher Conventional Loan Amounts
Fannie Mae and Freddie Mac have increased the maximum loan amounts for conventional loans (non-government loans). These higher conventional loan amounts are effectively immediately. Here are the new loan amounts:
- For Adams, Arapahoe, Denver, Douglas, Broomfield, and Jefferson Counties, the new maximum loan amount is $561,200.
- For Boulder County, the new maximum loan amount is $626,750.
What does this mean? If you are buying a house, you can now get a conventional loan up to these amounts, and still only have to put 5% down. If you get a loan for more than these amounts, then it is considered a jumbo loan, and you will need to put more money down.
If you only want to put 3% down, the maximum loan amount is now $484,350 for every county in Colorado.
Remember that these numbers are the maximum loan amounts (after the down payment), not the maximum purchase price.