Conforming loan limits are set by the federal government and can impact the loan products, requirements and rates that are available from your local mortgage brokers and lenders. If your mortgage amount is higher than the conforming loan limit, it will be a jumbo loan and can have different requirements and interest rates. For example, at the beginning of the pandemic, jumbo loans had limited availability and were harder to get. That has since gotten back to normal.
The Federal Housing Finance Agency (FHFA) just released new conforming loan limits across the country for 2021. Conforming loan limits have to increase to keep up with rising housing prices. However, not all areas across the county are equal when it comes to the price of a home. Some areas have very expensive housing. while others are much more affordable. Summit County is one of the counties with above average housing prices and, as a result, benefits from having even higher conforming loan limits.
Conforming Loan Limits for 2021
Most areas across the county will have a new conforming loan limit of $548,250. Several Colorado counties qualify for those higher conforming loan limits including Summit County. The new conforming loan limit in Summit County for 2021 will be $822,375. To look at conforming loan limits for other counties across the US, check out the FHFA conforming loan limit map. Hover over a county and see the exact conforming loan limit for that county.
Local Mortgage Information
If you are interested in talking to a local mortgage provider about Summit County home mortgages, choose from some of our recommended local lenders,