At resort prices, the choice between a conforming loan and a jumbo loan shapes the whole purchase. Two things changed this summer. Mountain sale prices kept climbing even as sales slowed, and jumbo pricing moved close to conforming pricing. Here is how I would think about financing a mountain second home this fall.
Key takeaways
- For the week ending September 18, the MBA's average jumbo 30-year rate was 7.15%, against 7.12% for conforming loans.
- In August, 64% of Summit County sales closed above $1 million, and 40% were cash.
- Telluride-region sale prices averaged $2.27 million year to date, up nearly 30%.
- Conforming limits vary widely by county, from $883,200 in Grand County to $1,249,125 in Eagle County.
- Second-home loans come with occupancy rules. Plan the rental side before you choose a loan.
The data: resort prices are high and jumbo is the norm
The Colorado Association of REALTORS® August report shows how far above the conforming limits these markets now trade:
- Summit County: 144 residential closings in August. About 64% closed above $1 million and 40% were cash. The average single-family price was $2,163,893, and multi-family homes averaged $1,132,616.
- Telluride/San Miguel County: $602.3 million in sales volume year to date, up 18%, on 265 transactions, down 8%. The average price was $2.27 million.
- Steamboat/Routt County: Two newly built luxury condos went under contract in August, one at $5 million and one at $6.74 million.
- Grand County: The median single-family price rose 31% to just over $1.3 million.
Put simply, a typical single-family purchase in these towns is jumbo territory unless the buyer puts a lot of cash down.
Where the jumbo line falls, county by county
A jumbo loan is any mortgage above the 2026 conforming loan limit for the county. The table shows the one-unit limit and the price where a loan would go jumbo at 10% and 20% down.
| County (resort towns) | 2026 limit | Goes jumbo above, 10% down | Goes jumbo above, 20% down |
|---|---|---|---|
| Eagle (Vail, Beaver Creek) | $1,249,125 | ~$1,387,900 | ~$1,561,400 |
| Pitkin (Aspen, Snowmass) | $1,209,750 | ~$1,344,200 | ~$1,512,200 |
| Summit (Breckenridge, Keystone, Frisco) | $1,092,500 | ~$1,213,900 | ~$1,365,600 |
| Routt (Steamboat) | $1,089,050 | ~$1,210,100 | ~$1,361,300 |
| San Miguel (Telluride) | $994,750 | ~$1,105,300 | ~$1,243,400 |
| Grand (Winter Park) | $883,200 | ~$981,300 | ~$1,104,000 |
Compare that with Summit's $2.16 million average single-family price. A buyer would need to put down roughly half the price to stay conforming. Most don't, and they shouldn't feel they have to.
Jumbo vs. conforming: the spread is nearly gone
For years, the standard advice was to stay under the conforming limit if you could. That advice depends on pricing, and pricing has changed. The MBA's weekly survey for the week ending September 18 showed a 7.15% jumbo contract rate against 7.12% for conforming loans, as reported by HousingWire. That is a three-basis-point gap.
Survey averages hide a lot of variation. Jumbo pricing depends on loan size, loan-to-value, credit, reserves and the lender's appetite. Some private-bank programs price better for clients who move assets to the bank. Others price worse for condos or large acreage. In practice:
- Don't over-stretch your down payment to avoid jumbo. Draining reserves to get under the limit can backfire, since jumbo and second-home underwriting both reward liquidity.
- Price both paths. If you are close to the line, compare a conforming loan with a larger down payment against a jumbo with more cash left in reserve.
- Consider an adjustable rate if your timeline is clear. The MBA's 5/1 ARM averaged 6.10% the same week. Many jumbo ARMs adjust annually after the fixed period, and conforming ARMs adjust every six months. Our ARM page explains the difference.
Our Colorado jumbo loan guide covers typical qualifying standards. Requirements vary by lender and usually include a 700+ credit score, 10%–20% down and cash reserves.
The second-home rules that trip people up
Most resort buyers plan to rent the home part of the year. That is often fine, but the loan type sets the limits. Under Fannie Mae's occupancy rules, a second home must:
- Be a one-unit home suitable for year-round use that you occupy for some part of the year
- Stay under your exclusive control. It cannot be a timeshare or subject to an agreement that gives a management firm control over occupancy.
- Qualify without rental income. You can rent it occasionally, but that income cannot be used to qualify.
There is no agency minimum number of days and no mileage rule. Lenders do look at whether the property is realistically a second home. If the plan is a rental program in a Beaver Creek or Keystone condo, you may be better served by an investment-property or DSCR loan from the start. We compare them side by side in second home vs. investment property.
On the conforming side, a second home can be bought with as little as 10% down (90% loan-to-value), per Freddie Mac's LTV matrix. Jumbo second-home programs set their own limits and are often stricter.
How buyers are negotiating
Resort markets are giving buyers more room. CAR's Summit-area commentary described "growing choices in parts of the market" that "gave buyers more room to be selective." In Routt County, months of supply are mostly in the seven-to-nine-month range. Grand County was classified as a buyer's market in August. For a financed buyer competing with cash, that means:
- A full pre-approval that has already covered the jumbo items, like reserves, asset documents and any business income
- An appraisal plan. Unusual resort properties can be hard to value, so allow time.
- A request for concessions or a buydown where a listing has been sitting
What this means for you
At today's resort prices, a jumbo loan is the normal way to buy a Vail, Aspen or Telluride second home. With jumbo and conforming rates this close, the old instinct to avoid jumbo at almost any cost deserves a second look. I have spent more than 30 years financing mountain homes. The buyers who do best decide how the home will be used first, then pick the loan that fits that use. See our Vail second-home loans and Vail office page for local detail.
Rates change daily, and survey averages are not a quote. If you are shopping the mountains this fall, get pre-approved with Cedar Home Loans so you can compete with cash buyers.
Sources
- HousingWire — As rates push past 7%, mortgage applications slip again (September 23, 2026)
- Colorado Association of REALTORS® — Colorado housing market tips toward buyers as sales decline, prices hold firm (September 15, 2026)
- FHFA — FHFA Announces Conforming Loan Limit Values for 2026
- Fannie Mae Selling Guide — B2-1.1-01, Occupancy Types
- Freddie Mac — Maximum LTV/TLTV/HTLTV Ratio Requirements
