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Recently the feds have announced they are raising the new maximum loan amounts for conventional mortgage loans, effective on January 1st 2021. That means loans can go to a larger amount without being considered a jumbo loan, which carry higher interest rates.

The current loan limit for conventional loans is $510,000; beginning in 2021, that loan amount will increase to $548,000. This is excellent news for borrowers ready to purchase or refinance, as now they can take advantage of these historic low mortgage interest rates and also go up to those higher loan limits.

The change is set to occur on January 1st of the new year. However, Indigo Mortgage can offer the new loan amounts now. If you are shopping for a new home, you don’t need to want to wait until January to take advantage of the higher loan limit. Call Indigo Mortgage Colorado and we can accommodate that larger loan now.

Whether refinancing or purchasing, borrowers can expect interest rates below 3% on a 30 year fixed rate mortgage. But as always shop that mortgage around and always shop local, starting with Indigo Mortgage Colorado.

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