Denver Conforming Loan Limits Increased to $787,750 in 2023

Published:
December 10, 2019
Last updated:
December 1, 2022
In This Article

Conforming loan limits in Denver have increased for 2023 as a result of higher home prices. In this article, we’ll discuss what these numbers are and how that will affect the homebuying process.

Over the past year, home prices in the Denver metro area have increased quite a bit. As such, conforming loan limits increased for 2023, according to federal housing officials.

For all cities within Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties, the conforming loan limit will increase to $787,750 in 2023 for single-family properties. In several other counties in CO, the loan limits are even higher.

There are higher limits for multi-family properties, as noted in the chart below.

County Name1-Unit2-Units3-Units4-Units
Adams$787,750$1,008,450$1,219,000$1,514,950
Arapahoe$787,750$1,008,450$1,219,000$1,514,950
Broomfield$787,750$1,008,450$1,219,000$1,514,950
Clear Creek$787,750$1,008,450$1,219,000$1,514,950
Denver$787,750$1,008,450$1,219,000$1,514,950
Douglas$787,750$1,008,450$1,219,000$1,514,950
Elbert$787,750$1,008,450$1,219,000$1,514,950
Gilpin$787,750$1,008,450$1,219,000$1,514,950
Jefferson$787,750$1,008,450$1,219,000$1,514,950
Park$787,750$1,008,450$1,219,000$1,514,950

Denver Conforming Loan Limits Will Rise For 2023

Two government-sponsored enterprises (GSEs) purchase loans from mortgage lenders: Fannie Mae and Freddie Mac.

Conforming loans are those that meet the size requirements used by Freddie Mac and Fannie Mae. If these size requirements are exceeded, the loans are considered to be “jumbo loans.”

Borrowers who need to take out a jumbo loan will likely have to meet stricter loan requirements because of the higher loan amount borrowed.

In 2023, conforming loan limits – which is the threshold between conforming and jumbo loans – in Denver increased thanks to an increase in home values. For the Denver metro area, the conforming loan limit for a single-family property in 2023 a rose to $787,750.

These caps are generally consistent across all metro areas. In the case of the Denver metro area, Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park counties all have the same conforming loan limits.

Beyond the Denver metro area, the 2023 loan limit for the majority of other counties across the state rose to $726,200 for 2023.

Please note: Qualified borrowers with sufficient income are typically eligible to borrow more than the conforming loan limit for their county. This would be considered a “jumbo” mortgage scenario.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans, as well as the 2023 conforming loan limits for Colorado.

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Higher Home Prices = Higher Mortgage Amounts

The increase in Denver’s 2023 conforming loan limits comes as a result of an increase in property values in 2022. Federal housing officials review these loan limits every year relative to property values. If the increases in home prices are substantial within a calendar year, federal housing officials will respond appropriately by increasing loan limits. This is what happened over the course of 2022.

Having said that, Denver isn’t the only center that will see an increase in conforming loan limits in 2023. In fact, the majority of counties across the US will be boosted next year as a result of rising home values.

According to a recent press release from the Federal Housing Finance Agency (FHFA):

“The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.​”

The median home value in Denver is $626,721 by year-end in 2022, according to Zillow. In turn, loan limits in Denver increased for 2023.

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Will you need mortgage financing to buy a home in Denver? We can help. At Sammamish Mortgage, we offer a wide variety of mortgage programs and tools with flexible qualification criteria, including our Diamond Homebuyer ProgramCash Buyer Program, and Bridge Loans. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region that includes Washington, Oregon, Colorado, and Idaho. Please contact us today with any financing-related questions you have.

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