- Jumbo Loans:
- Jumbo Loans exceed the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits. Rates on jumbo loans are typically higher than conforming loans. Jumbo Loans are typically used to buy more expensive homes and high-end custom construction homes, and usually require a higher down payment than traditional loans.
For most counties in America, the conforming loan limit for a 1 Unit property is $417,000. That amount increases to $533,850 for 2 Unit Properties, $645,300 for 3 Unit Properties and $801,950 for 4 Unit Properties. There are certain counties deemed high cost areas that have higher conforming loan limits. The only counties in Colorado labeled “High Cost Area” for 2014 are Eagle, Garfield, Lake, Pitkin, Routt, San Miguel & Summit county. The conforming loan limit in those counties are $625,500. For more information about loan limits by county, CLICK HERE.