The Federal Housing Finance Agency (FHFA) just announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2023.
In most of the U.S., the 2023 maximum conforming loan limit for one-unit properties will be $726,200, compared to $647,200 in 2022 (a $79,000 increase).
Many counties in Colorado are eligible for elevated loan amounts, due to higher median home prices. These high-balance (conforming) loans can be beneficial as an alternative to Jumbo loans and other specific underwriting guidelines. See the table below for 15 Colorado counties and their 2023 conforming loan limits (11 have high-balance conforming loan limits).
These loans may afford you the ability to:
• Have a lower down payment; sometimes as little as 5%
• Qualify for a larger loan
• Submit less required documentation for underwriting
• Be approved with lower credit scores
• Make a more competitive offer
• Close more quickly (faster underwriting turn times)
• Secure FHA and VA loans for higher-priced homes
• Use a Temporary (2-1) Buydown to lower mortgage payments for the first two years
Let's connect on these expanded possibilities, so your dream home can be in reach.
County - Summit
Conforming Loan Limit - $726,200
Conf (High Balance) Loan Limit - $953,350
Jumbo Loan Start At - $953,351