Jumbo loans refer to home loans that exceed conventional loan limits set by Fannie Mae and Freddie Mac. In Denver, Colorado, the jumbo loan limit varies depending on the county. Let's break it down:
Denver County Jumbo Loan Limit
For 2021, Denver County's jumbo loan limit stands at $822,375. This means that a jumbo loan in Denver County can be as high as $822,375 without being considered a non-conforming loan. If you're looking to purchase a high-end property in Denver County, a jumbo loan might be a suitable financing option for you.
Adams, Arapahoe, Broomfield, Douglas, and Jefferson Counties Jumbo Loan Limits
For the above five counties surrounding denver, the jumbo loan limit is slightly increased to $765,600. This means that if you are looking to purchase a luxury property in one of these counties, you can obtain a jumbo loan up to this limit without having to go through the complications of a non-conforming loan.
Non-Conforming Loan Limits
If your loan amount exceeds the jumbo loan limit for your county, you will need to apply for a non-conforming loan, which typically comes with more rigorous standards and requires a larger down payment. Non-conforming loan limits in Denver, Colorado, currently cap at $1,500,000.
Choosing the Right Mortgage Company
Taking out a jumbo loan can be a complex process, and with such high stakes, it's essential to have a mortgage company you can trust. Mortgage Brokers Pro specializes in jumbo loans and has a team of seasoned professionals who can help you navigate the process. We offer a variety of jumbo loan options with competitive rates and flexible terms designed to meet your unique needs.
Before Taking out a Jumbo Loan
Jumbo loans can be a fantastic financing option if you're looking to purchase a high-end property, but it's important to understand what you're getting into. Here are some things to keep in mind before taking out a jumbo loan:
In Conclusion
The jumbo loan limit in Denver, Colorado, varies depending on the county and can be as high as $822,375 for Denver County and $765,600 for surrounding counties. If you're interested in taking out a jumbo loan, Mortgage Brokers Pro can help guide you through the process. As with any home loan, make sure to do your research and work with a trusted mortgage lender that has your best interests in mind.