5 Best Jumbo Loans in Colorado


Jumbo mortgage loans in Colorado give borrowers more purchasing power when consdering a home purchase in high cost areas.

Key Terms

  • The limits on a Colorado jumbo loan exceed the “conforming” limits on conventional mortgages.
  • Jumbo loans in Colorado don’t require a large down payment.
  • Borrowers access more financing under a single loan with a jumbo loan.

In the heart of the Rockies, Colorado offers some of the most stunning vistas in the Western part of the United States. It is also a place where you can find a ranch with a good deal of acreage as easily as a modern suburban home in places like Colorado Springs. Colorado also offers plenty of city living in places like Denver, Boulder and Arapahoe County, where Littleton and Arora are located.

Whatever type of property you are interested in, the real estate prices in Colorado are increasing— by 23.2% over the last year according to Zillow. All of this means that borrowers looking at conventional mortgages may find their purchasing power limited by the conforming limits on these conventional loans. 

According to the Denver Post, the median purchase price of a home in Colorado is $600,000. That number is edging close to conforming limits, meaning more Coloradoans may need jumbo home loans to become homeowners.

For the most recent year, the HDMA data places Colorado 7th in the country in terms of mortgage origination activity, with a total of $21.67 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Colorado, you’ll be among good company.

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What is the jumbo loan limit in Colorado?

The jumbo loan limit in Colorado for most counties is $647,200. For more expensive counties, including Adams and Clear Creak, the jumbo loan limit is $684,250. Any loan that exceeds either $647,200 or $684,250 is a jumbo loan, depending on the county.

Colorado Jumbo Loan Limits (October 2022)

Colorado county-by-county jumbo loan, conforming loan and FHA loan limits.

Colorado
County
Colorado
Jumbo loan
(1-unit)
Colorado
Conforming
loan limit
(1-unit)
Colorado
FHA loan limit
(1-unit)
Adams$684,250+$684,250 $684,250
Alamosa$647,200+$647,200 $420,680
Arapahoe$684,250+$684,250 $875,950
Archuleta$647,200+$647,200 $420,680
Baca$647,200+$647,200 $420,680
Bent$647,200+$647,200 $420,680
Boulder$747,500+$747,500 $747,500
Broomfield$684,250+$684,250 $684,250
Chaffee$647,200+$647,200 $461,150
Cheyenne$647,200+$647,200 $420,680
Clear Creek$684,250+$684,250 $684,250
Conejos$647,200+$647,200 $420,680
Costilla$647,200+$647,200 $420,680
Crowley$647,200+$647,200 $420,680
Custer$647,200+$647,200 $420,680
Delta$647,200+$647,200 $420,680
Denver$684,250+$684,250 $684,250
Dolores$647,200+$647,200 $420,680
Douglas$684,250+$684,250 $684,250
Eagle$862,500+$862,500 $862,500
Elbert$684,250+$684,250 $684,250
El Paso$647,200+$647,200 $460,000
Fremont$647,200+$647,200 $420,680
Garfield$856,750+$856,750 $970,800
Gilpin$684,250+$684,250 $684,250
Grand$647,200+$647,200 $534,750
Gunnison$647,200+$647,200 $431,250
Hinsdale$647,200+$647,200 $427,800
Huerfano$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jefferson$684,250+$684,250 $684,250
Kiowa$647,200+$647,200 $420,680
Kit Carson$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
La Plata$647,200+$647,200 $494,500
Larimer$647,200+$647,200 $522,100
Las Animas$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Logan$647,200+$647,200 $420,680
Mesa$647,200+$647,200 $420,680
Mineral$647,200+$647,200 $420,680
Moffat$647,200+$647,200 $420,680
Montezuma$647,200+$647,200 $420,680
Montrose$647,200+$647,200 $425,500
Morgan$647,200+$647,200 $420,680
Otero$647,200+$647,200 $420,680
Ouray$647,200+$647,200 $425,500
Park$684,250+$684,250 $684,250
Phillips$647,200+$647,200 $420,680
Pitkin$856,750+$856,750 $970,800
Prowers$647,200+$647,200 $420,680
Pueblo$647,200+$647,200 $420,680
Rio Blanco$647,200+$647,200 $420,680
Rio Grande$647,200+$647,200 $420,680
Routt$678,500+$678,500 $678,500
Saguache$647,200+$647,200 $420,680
San Juan$548,250+$548,250 $420,680
San Miguel$756,700+$756,700 $970,800
Sedgwick$647,200+$647,200 $420,680
Summit$822,375+$822,375 $925,750
Teller$647,200+$647,200 $460,000
Washington$647,200+$647,200 $420,680
Weld$647,200+$647,200 $483,600
Yuma$647,200+$647,200 $420,680

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5 Top Colorado jumbo loan lenders

If you’re ready to look over the best jumbo loan lenders in Colorado, here are some options to consider.

1. SoFI

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo mortgage rates and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive jumbo loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo loan rates and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about their jumbo mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 Adjustable Rate Mortgages
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Pros and cons of getting a jumbo loan in Colorado

Because of increasing costs in Colorado, people often struggle to think about how to afford a new home. Fortunately, jumbo loans in Colorado are here to help you find the ideal home for you. With this in mind, what kinds of pros and cons come with this option for potential home buyers?

The pros of a jumbo loan in Colorado include:

  • Higher limits for more purchasing power in an expensive market
  • Lower down payment required compared to conventional loans
  • More accessibility to a luxury home purchase
  • Allows you to consolidate financing for a high-priced home under a single loan

Borrowers do have to pay more for the benefits they get with a jumbo loan in the form of a higher interest rate. They will also need a strong credit score to qualify. Finally, not every property qualifies for a jumbo loan, which can limit some of your options. 

Is a jumbo loan in Colorado right for you?

How can you determine if a jumbo loan is right for you in Colorado? With median prices as high as they are in the state, it may well be the only way you can finance a home. Your alternatives would be combining multiple conventional mortgages or else waiting and seeing if you can save up enough cash to put a pretty sizable down payment on a conventional mortgage so that you eliminate the problem of its conforming limit. 

Conforming loan limits, set by the Federal Housing Finance Agency that oversees Fannie Mae and Freddie Mac (the two federal mortgage companies that buy most of the mortgages made in the U.S. from lenders and resell them to investors) are dependent on location.

Of course, you will need to also consider whether or not you want to pay more for your financing. Since a jumbo loan comes with many conveniences and allows you to buy more house under just one loan, you may well find that a higher interest rate is worth it, overall. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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