Due to the rise in home prices in 2015, and the steady increase in valuation, FHA and Fannie Mae have both increased the maximum loan amounts in many counties nationwide. I have provided links below for the change in Colorado, which will be a pleasant surprise to many buyers who now can opt to finance, versus come to closing with that cash in hand.
The new conforming loan amount in Colorado in most metro areas for Fannie Mae has been raised $41,850 to $458,850 up from $417,000 in 2015. Here is a direct link to see what the limit is in the county you are looking to buy property in Colorado. Make sure to click the Loan Limit Look up Table 2016.
For FHA, the new conforming loan limit in most metro areas is also $458,850, and you can find your county loan amount limit by clicking here.
To see what you qualify for, contact a licensed Colorado Mortgage Broker today.