Looking to finance—or refinance—a high-end home?
This can be tricky, as conventional loans have maximum limits that might not meet your needs, and jumbo loans – loans that go over such limits – are offered at higher interest rates and with greater restrictions that can hinder securing the loan.
The good news is that Fannie Mae and Freddie Mac have increased the limits on conventional loans for metro Denver. In 2015, the high-balance limit on a conventional loan in the Denver area was $424,350. This year, that balance has been increased to $458,850, giving you the ability to buy or refinance a higher value home at conventional rates.
If you’re considering such a loan, this is a unique time to take advantage of the new rules. Questions? Call us and we’ll be happy to assess your personal situation.