The Federal Housing Finance Agency announced Tuesday conforming loan limit values for 2023 in all U.S. counties, including Broomfield.
The conforming loan limit is the maximum mortgage amount that Fannie Mae and Freddie Mac will purchase or guarantee.
In most of the country, the 2023 limit value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 this year, the federal agency said in a news release.
The conforming home limit for Broomfield and all nearby counties — including Boulder, Adams, Arapahoe, Weld, Denver and Jefferson — is $726,200, the agency said.
In a newsletter, Boulder Planet Home Lending explained that some Colorado counties are eligible for higher loan amounts because of increased median home prices. Broomfield and most neighboring counties are among that list, at a loan limit of $787,750. Boulder, however, is higher — at $856,750, the mortgage company said.
Those high-balance conforming loans can allow buyers a lower down payment (even down to 5%), qualification for a larger loan, approval with a lower credit score and other benefits, the company said.