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High conforming loan limits on mortgages will benefit metro Denver more than any other area in the country, according to a new study from Zillow, the Seattle-based real estate valuation firm.
The Federal Housing Finance Administration each year studies home prices in every county to determine whether an area should go above its standard, now at $417,000, for federal backing on a mortgage.
Denver's conforming loan limit was bumped up from $424,350 this year to $458,850 starting next year, making it one of only 39 areas to get a boost.
Zillow estimates the higher limits will allow 62,000 additional homes in major metro areas, including 21,000 in Denver, to become eligible for conventional financing.
The ratio of Denver area homes that don't qualify for conventional mortgages will fall from 14 percent of the total to just 1.1 percent, Zillow said.
Historically, jumbo loans, which lack government guarantees, carried higher interest rates, although the gap has been small lately.
Where borrowers will be helped the most are with more flexible down payment terms than the 25 percent down many jumbo lenders require, said Aaron Terrazas, senior economist at Zillow
Down payments on government-backed mortgages start as low as 3.5 percent, meaning more borrowers will be able to finance the area's more expensive real estate.
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My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area. I specialize in advanced marketing, buying, selling and investing for seasoned, as well as first time....
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