2024 Colorado County Loan Limits

Imagine closing day finally arrives after months of housing searches and paperwork. With keys in hand, you open the door to your new Colorado Springs home, a milestone made possible by navigating the nuanced landscape of county loan limits.

This year brings change.

Navigating county loan limits in 2024 requires up-to-date knowledge, particularly with recent adjustments in the industry. Loan limits define the maximum amount one can borrow for a single-family home.

Overview of Colorado County Loan Limits

Navigating the complex terrain of Colorado’s county loan limits calls for a scrutinizing eye on the latest updates. It’s a landscape where the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) loan boundaries play pivotal roles in determining how much home you can afford. For Colorado Springs and similar locales, the unveiling of 2024’s loan limits reveals a tale of steadfast plateaus rather than soaring peaks; FHA loan limits have indeed climbed overall, with base levels witnessing an uplift. However, regions such as Colorado Springs maintain their previous altitude, with county loan limits consistent with 2023’s benchmarks, ensuring a familiar terrain for return borrowers.

Here are the updated county loan limits for Colorado in 2024:

Please note that while FHA has increased their average county loan limit, places like Colorado Springs already had higher limits than the base FHA limits. This means that the county loan limit for places like Colorado Springs remains the same as in 2023. Additionally, it’s important to mention that VA does not have a county loan limit unless there are restrictions on your entitlement, such as having an existing VA loan.

FHFA

Loan Thresholds

The FHFA sets conforming loan limits, a metric driving the maximum loan amount for conventional mortgages, with annual adjustments made. These guidelines are pivotal for securing financing within Fannie Mae and Freddie Mac parameters.

In regions where housing prices escalate, conforming loan limits reflect those changes, ensuring home financing remains accessible. Such adjustments are attuned to local real estate trends, upholding market fluidity.

Conforming loan caps increase, keeping pace with shifting housing markets.

The table below displays the conforming loan limits for each Colorado county, categorized by unit type. When reviewing the table, remember that single-family homes are listed as 1-unit properties, duplexes as 2-unit properties, triplexes as 3-unit properties, and multi-plexes as 4-unit properties. This will help you find the relevant information for the type of property you’re considering, such as a single-family home, in 2024.

County Name	1 Unit	2 Units	3 Units	4 Units
ADAMS	$816,500	$1,045,250	$1,263,500	$1,570,200
ALAMOSA	$766,550	$981,500	$1,186,350	$1,474,400
ARAPAHOE	$816,500	$1,045,250	$1,263,500	$1,570,200
ARCHULETA	$766,550	$981,500	$1,186,350	$1,474,400
BACA	$766,550	$981,500	$1,186,350	$1,474,400
BENT	$766,550	$981,500	$1,186,350	$1,474,400
BOULDER	$856,750	$1,096,800	$1,325,800	$1,647,650
BROOMFIELD	$816,500	$1,045,250	$1,263,500	$1,570,200
CHAFFEE	$766,550	$981,500	$1,186,350	$1,474,400
CHEYENNE	$766,550	$981,500	$1,186,350	$1,474,400
CLEAR CREEK	$816,500	$1,045,250	$1,263,500	$1,570,200
CONEJOS	$766,550	$981,500	$1,186,350	$1,474,400
COSTILLA	$766,550	$981,500	$1,186,350	$1,474,400
CROWLEY	$766,550	$981,500	$1,186,350	$1,474,400
CUSTER	$766,550	$981,500	$1,186,350	$1,474,400
DELTA	$766,550	$981,500	$1,186,350	$1,474,400
DENVER	$816,500	$1,045,250	$1,263,500	$1,570,200
DOLORES	$766,550	$981,500	$1,186,350	$1,474,400
DOUGLAS	$816,500	$1,045,250	$1,263,500	$1,570,200
EAGLE	$1,149,825	$1,472,250	$1,779,525	$2,211,600
EL PASO	$766,550	$981,500	$1,186,350	$1,474,400
ELBERT	$816,500	$1,045,250	$1,263,500	$1,570,200
FREMONT	$766,550	$981,500	$1,186,350	$1,474,400
GARFIELD	$1,149,825	$1,472,250	$1,779,525	$2,211,600
GILPIN	$816,500	$1,045,250	$1,263,500	$1,570,200
GRAND	$766,550	$981,500	$1,186,350	$1,474,400
GUNNISON	$766,550	$981,500	$1,186,350	$1,474,400
HINSDALE	$766,550	$981,500	$1,186,350	$1,474,400
HUERFANO	$766,550	$981,500	$1,186,350	$1,474,400
JACKSON	$766,550	$981,500	$1,186,350	$1,474,400
JEFFERSON	$816,500	$1,045,250	$1,263,500	$1,570,200
KIOWA	$766,550	$981,500	$1,186,350	$1,474,400
KIT CARSON	$766,550	$981,500	$1,186,350	$1,474,400
LA PLATA	$766,550	$981,500	$1,186,350	$1,474,400
LAKE	$766,550	$981,500	$1,186,350	$1,474,400
LARIMER	$766,550	$981,500	$1,186,350	$1,474,400
LAS ANIMAS	$766,550	$981,500	$1,186,350	$1,474,400
LINCOLN	$766,550	$981,500	$1,186,350	$1,474,400
LOGAN	$766,550	$981,500	$1,186,350	$1,474,400
MESA	$766,550	$981,500	$1,186,350	$1,474,400
MINERAL	$766,550	$981,500	$1,186,350	$1,474,400
MOFFAT	$766,550	$981,500	$1,186,350	$1,474,400
MONTEZUMA	$766,550	$981,500	$1,186,350	$1,474,400
MONTROSE	$766,550	$981,500	$1,186,350	$1,474,400
MORGAN	$766,550	$981,500	$1,186,350	$1,474,400
OTERO	$766,550	$981,500	$1,186,350	$1,474,400
OURAY	$766,550	$981,500	$1,186,350	$1,474,400
PARK	$816,500	$1,045,250	$1,263,500	$1,570,200
PHILLIPS	$766,550	$981,500	$1,186,350	$1,474,400
PITKIN	$1,149,825	$1,472,250	$1,779,525	$2,211,600
PROWERS	$766,550	$981,500	$1,186,350	$1,474,400
PUEBLO	$766,550	$981,500	$1,186,350	$1,474,400
RIO BLANCO	$766,550	$981,500	$1,186,350	$1,474,400
RIO GRANDE	$766,550	$981,500	$1,186,350	$1,474,400
ROUTT	$1,012,000	$1,295,550	$1,566,050	$1,946,200
SAGUACHE	$766,550	$981,500	$1,186,350	$1,474,400
SAN JUAN	$766,550	$981,500	$1,186,350	$1,474,400
SAN MIGUEL	$994,750	$1,273,450	$1,539,350	$1,913,000
SEDGWICK	$766,550	$981,500	$1,186,350	$1,474,400
SUMMIT	$1,006,250	$1,288,200	$1,557,150	$1,935,150
TELLER	$766,550	$981,500	$1,186,350	$1,474,400
WASHINGTON	$766,550	$981,500	$1,186,350	$1,474,400
WELD	$766,550	$981,500	$1,186,350	$1,474,400
YUMA	$766,550	$981,500	$1,186,350	$1,474,400

Average FHA Loan Increases

FHA baseline limits have risen significantly.

The Federal Housing Administration (FHA) periodically reviews and adjusts its loan limits to align with housing market fluctuations. For 2024, while national FHA loan limits have increased on average, certain areas such as Colorado Springs retain the previous year’s higher thresholds. Consequently, residents here will see no change in the borrowing limit for FHA loans.

This does not alter the borrowing landscape much.

Those considering an FHA-backed purchase in Colorado Springs must understand that despite the broader augmentation of loan limits, their borrowing capacity remains as it was in 2023. This is due to the existing higher-than-average limits set for the region in response to the robust housing market.

Higher baselines won’t affect Colorado Springs buyers.

When looking at the Federal Housing Administration’s changes, it’s crucial to differentiate between national adjustments and local impacts. Nationwide, the FHA has indeed enhanced its average county loan limits. However, for homebuyers in Colorado Springs, this incremental change does not apply, as 2023’s limits already exceeded the new average benchmarks.

Regional ceilings stay put; plan with confidence.

Given that the FHA loan limits for El Paso County, home to Colorado Springs, remain in line with the 2023 levels, prospective buyers can proceed with their housing aspirations using familiar ground rules. This continuity ensures a predictable financial baseline from which to strategize your home buying journey in 2024.

Colorado Springs’ Consistent FHA Limits

Colorado Springs maintains its stature with unchanged FHA loan limits. As a hub of real estate activity, the city’s limits have historically been set to accommodate a vibrant market.

No uptick in FHA thresholds for local buyers.

Despite a nationwide lift in FHA county loan limits, Colorado Springs stays the course. The increase elsewhere reflects a national average, but here, the previously established higher boundary remains the norm, unaffected by the 2024 adjustment.

Pragmatic planning persists for the Pikes Peak region.

In El Paso County, the equilibrium of the housing market is mirrored in the stability of the loan limits. This consistency aids in removing ambiguity for Colorado Springs’ homebuyers and maintains an even playing field as we navigate the fiscal landscape moving forward.

Understanding Conforming Loans

Conforming loans adhere to guidelines set by the Federal Housing Finance Agency (FHFA) and fall within the prescribed maximum loan limits, making them eligible for purchase by Fannie Mae and Freddie Mac. This ensures that loans meet established borrowing criteria, providing stability and confidence for both lenders and borrowers in the housing finance system.

These loans typically offer competitive interest rates and terms, reflecting the lower risk associated with their adherence to standardized criteria. Conforming loans represent a significant portion of the mortgage landscape, underpinning the fabric of home financing.

Definition of FHFA and Conforming Loans

The Federal Housing Finance Agency (FHFA) sets the caps on loan sizes eligible for backing by federal entities.

1. Conforming loans match or fall below the FHFA limit, qualifying for backing by Fannie Mae and Freddie Mac.
2. Non-conforming loans, such as jumbo loans, surpass these thresholds and carry different risk profiles and requirements.
3. Adjustments to conforming loan limits occur annually, reflecting changes in the average U.S. home price.

Conforming loans offer benefits like lower interest rates due to their adherence to FHFA standards.

Non-conforming loans, while beyond FHFA limits, cater to buyers eyeing high-value properties.

Impact on Mortgage Applicants

Mortgage applicants in Colorado Springs face stable county loan limits in 2024, aligning with previous years.

1. Applicants for FHA loans will see their borrowing power remain consistent with 2023 limits, despite a general increase at the national level.
2. Those eligible for VA loans enjoy no county loan limits, provided their full entitlement is intact and not encumbered by an existing VA loan.
3. Conforming loan seekers are subject to adjusted FHFA limits that mirror the housing market shifts, potentially influencing borrowing capacity.

While newcomers may anticipate higher FHA limits, Colorado Springs’ limits stay put.

For some, the unchanged FHA limits in Colorado Springs may mean exploring conventional financing options.

FHA Loan Limit Enhancements

Despite a nationwide boost in FHA loan limits for 2024, Colorado Springs remains anchored at 2023 levels.

Overall, while the FHA has increased their baseline limits, areas like Colorado Springs already exceed that threshold, hence no local rise.

This stability in FHA county loan limits ensures predictability for Colorado Springs homebuyers.

Exploring Base Level Increases

The landscape of home financing is dynamic, reflecting the ebb and flow of the real estate market.

For 2024, while the Federal Housing Administration (FHA) has upped their base loan limits, counties like Colorado Springs tell a different story. Here, the thresholds established in 2023 position the local market above the new baseline, rendering the increased FHA limits elsewhere less impactful for local homebuyers.

Potential buyers should understand that despite the broader trend of rising limits, the housing market in Colorado Springs operates under a unique equilibrium. This means the loan limits one encounters here will be consistent with the previous year, providing a stable backdrop for financial planning.

Navigating the loan landscape requires recognizing that while FHA thresholds have shifted upward, Colorado Springs maintains its status quo. This emphasizes the importance of local market knowledge—an understanding that can shape your financing strategy and provide clarity amidst a backdrop of change.

Colorado FHA Loan Limits 2024

Note: In the table below, “1-unit” means a single-family home. “2-unit” is for duplexes, “3-unit” for triplexes, and “4-unit” for multi-family buildings. If you’re buying a single-family home, check the “1-unit” column.

County Name	1 Unit	2 Units	3 Units	4 Units
ADAMS	$816,500	$1,045,250	$1,263,500	$1,570,200
ALAMOSA	$498,257	$637,950	$771,125	$958,350
ARAPAHOE	$816,500	$1,045,250	$1,263,500	$1,570,200
ARCHULETA	$498,257	$637,950	$771,125	$958,350
BACA	$498,257	$637,950	$771,125	$958,350
BENT	$498,257	$637,950	$771,125	$958,350
BOULDER	$856,750	$1,096,800	$1,325,800	$1,647,650
BROOMFIELD	$816,500	$1,045,250	$1,263,500	$1,570,200
CHAFFEE	$632,500	$809,700	$978,750	$1,216,350
CHEYENNE	$498,257	$637,950	$771,125	$958,350
CLEAR CREEK	$816,500	$1,045,250	$1,263,500	$1,570,200
CONEJOS	$498,257	$637,950	$771,125	$958,350
COSTILLA	$498,257	$637,950	$771,125	$958,350
CROWLEY	$498,257	$637,950	$771,125	$958,350
CUSTER	$498,257	$637,950	$771,125	$958,350
DELTA	$498,257	$637,950	$771,125	$958,350
DENVER	$816,500	$1,045,250	$1,263,500	$1,570,200
DOLORES	$498,257	$637,950	$771,125	$958,350
DOUGLAS	$816,500	$1,045,250	$1,263,500	$1,570,200
EAGLE	$1,149,825	$1,472,250	$1,779,525	$2,211,600
EL PASO	$517,500	$662,500	$800,800	$995,200
ELBERT	$816,500	$1,045,250	$1,263,500	$1,570,200
FREMONT	$498,257	$637,950	$771,125	$958,350
GARFIELD	$1,149,825	$1,472,250	$1,779,525	$2,211,600
GILPIN	$816,500	$1,045,250	$1,263,500	$1,570,200
GRAND	$747,500	$956,950	$1,156,700	$1,437,500
GUNNISON	$633,650	$811,200	$980,550	$1,218,550
HINSDALE	$498,257	$637,950	$771,125	$958,350
HUERFANO	$498,257	$637,950	$771,125	$958,350
JACKSON	$498,257	$637,950	$771,125	$958,350
JEFFERSON	$816,500	$1,045,250	$1,263,500	$1,570,200
KIOWA	$498,257	$637,950	$771,125	$958,350
KIT CARSON	$498,257	$637,950	$771,125	$958,350
LA PLATA	$655,500	$839,150	$1,014,350	$1,260,600
LAKE	$498,257	$637,950	$771,125	$958,350
LARIMER	$632,500	$809,700	$978,750	$1,216,350
LAS ANIMAS	$498,257	$637,950	$771,125	$958,350
LINCOLN	$498,257	$637,950	$771,125	$958,350
LOGAN	$498,257	$637,950	$771,125	$958,350
MESA	$498,257	$637,950	$771,125	$958,350
MINERAL	$498,257	$637,950	$771,125	$958,350
MOFFAT	$498,257	$637,950	$771,125	$958,350
MONTEZUMA	$498,257	$637,950	$771,125	$958,350
MONTROSE	$561,200	$718,450	$868,400	$1,079,250
MORGAN	$498,257	$637,950	$771,125	$958,350
OTERO	$498,257	$637,950	$771,125	$958,350
OURAY	$561,200	$718,450	$868,400	$1,079,250
PARK	$816,500	$1,045,250	$1,263,500	$1,570,200
PHILLIPS	$498,257	$637,950	$771,125	$958,350
PITKIN	$1,149,825	$1,472,250	$1,779,525	$2,211,600
PROWERS	$498,257	$637,950	$771,125	$958,350
PUEBLO	$498,257	$637,950	$771,125	$958,350
RIO BLANCO	$498,257	$637,950	$771,125	$958,350
RIO GRANDE	$498,257	$637,950	$771,125	$958,350
ROUTT	$1,012,000	$1,295,550	$1,566,050	$1,946,200
SAGUACHE	$498,257	$637,950	$771,125	$958,350
SAN JUAN	$517,500	$662,500	$800,800	$995,200
SAN MIGUEL	$1,045,350	$1,338,250	$1,617,650	$2,010,350
SEDGWICK	$498,257	$637,950	$771,125	$958,350
SUMMIT	$1,006,250	$1,288,200	$1,557,150	$1,935,150
TELLER	$517,500	$662,500	$800,800	$995,200
WASHINGTON	$498,257	$637,950	$771,125	$958,350
WELD	$560,050	$716,950	$866,650	$1,077,050
YUMA	$498,257	$637,950	$771,125	$958,350

Significance for First-Time Homebuyers

Navigating loan limits is crucial for new entrants into homeownership.

For many, these constraints define the scope of attainable properties within the complex web of the Colorado Springs market.

Enhanced FHA base loan limits are less beneficial here, where 2023’s higher thresholds continue to govern transactions.

Hence, understanding these fiscal boundaries is pivotal, particularly for maximizizing the purchasing power under specific local conditions.

First-time buyers in Colorado Springs should plan with 2023’s loan limits in mind.

VA Loans and Entitlement Limits

VA loans offer a significant benefit for veterans and active-duty service members, with no county loan limits dictating the maximum borrowing capacity. However, be aware that such freedom comes with caveats: if you’re utilizing a portion of your VA loan entitlement already, perhaps on an existing mortgage, then the situation changes. Your maximum loan value could be affected, contingent upon the extent of your remaining entitlement.

The absence of county loan limits under the VA loan program extends considerable purchasing power, especially for those with full entitlement. It’s vital to understand your specific entitlement situation; full entitlement spells no loan cap, allowing for a smoother and potentially more expansive homebuying journey in Colorado Springs and beyond.

No County Loan Limits for VA

VA loans stand apart in their accommodation of veterans, demanding no county loan limits for eligible borrowers. Full entitlement equates to unlimited borrowing power.

Borrowers with full entitlement enjoy latitudes other loan types don’t offer. Their purchasing potential is unrestricted.

Entitlement reduction through a current VA loan recalibrates maximum loan values. Entitlement balance directly influences loan magnitude, requiring careful entitlement assessment prior to additional VA borrowing.

Veterans with diminished entitlement must acquaint themselves with the intricacies of their borrowing capacity. A proficient understanding ensures judicious use of VA loan benefits and prevents unforeseen limitations on their home financing objectives.

Entitlement Factors and Loan Amounts

Entitlement is key to gauging the possible size of a VA loan. Full entitlement means no ceiling on the loan amount.

Since no one-size-fits-all cap exists, individuals with full entitlement can explore a wider market, including pricier properties. This aspect is particularly enticing for potential homeowners in areas like Colorado Springs.

However, entitlement isn’t unlimited if you’re simultaneously repaying another VA loan. Previous loans impact your entitlement and, subsequently, your possible loan amount.

Understanding the balance of your entitlement is pivotal. Especially if you’re considering another VA loan, as it dictates your remaining eligibility.

Navigating VA loan entitlement nuances is crucial. Work with experts who can clarify entitlement and loan relationships to avoid missteps in your homebuying process.