Fannie Mae and Freddie Mac have announced that the maximum loan amounts in 46 counties across the country are being increased for 2015. Eleven of those counties are in Colorado, and include all of the Metro-Denver counties.
What does this mean? First, it means what many people have long suspected: housing prices in the Denver area are going up. It also means that you can now get a loan for more than $417,000, and it doesn't have to be a jumbo loan.
Here are the Colorado counties that went up, and the new maximum loan amounts:
For Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park Counties, the new limit is $424,350. The new limit for Boulder County is $456,550.
Any loan for more than these limits is considered a jumbo loan, and has tougher underwriting guidelines, higher credit score requirements, and higher down payment requirements.
Did you know that we don't have any underwriting overlays on the loans we sell? That means we have no additional underwriting guidelines like most lenders have. Pretty nice!
Have questions about anything related to a mortgage? Give us a call and see why they call us The Mortgage Experts.
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By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.