Fort Collins does not have the volume of Super-Jumbo transactions that Denver or Boulder carry — and the pages on this site are written to be accurate rather than to inflate the market’s size. But the city’s estate tier is real, the buyers active in it are sophisticated, and the financing those transactions require is exactly the same portfolio lending expertise that a $5 million transaction anywhere in Colorado demands. The most significant Horsetooth Reservoir-adjacent properties — private homes on large parcels with direct water access, panoramic Rocky Mountain views, and a lifestyle that has no urban equivalent in northern Colorado — trade at prices that move firmly into Super-Jumbo territory. Premium Old Town estates in historic landmark condition, on the largest and most coveted lots within walking distance of Fort Collins’ cultural center, have sold above $3 million. And the estate-scale acreage properties in rural Larimer County west and north of the city — custom-built homes on five to twenty acres or more, with equestrian facilities, mountain views, and genuine privacy — represent a buyer profile that requires portfolio lending, asset depletion programs, and relationship-driven underwriting.
The buyers at this level in Fort Collins are, characteristically, people who have spent significant careers building something here. CSU’s most senior administrators, endowed chairs, and research institute directors. Woodward’s executive leadership, which has guided a company from the same city for 155 years. HPE’s senior program directors in Fort Collins whose total compensation, including RSU grants vested over long tenures, has accumulated into the kind of financial depth that Super-Jumbo portfolio lenders evaluate on holistic terms rather than pay stub arithmetic. And a consistent stream of buyers who have lived elsewhere — in the Bay Area, Seattle, and other coastal markets — discovered Fort Collins later in their careers, and find that the quality of life here, the research university culture, and the outdoor lifestyle represent an exchange they’re prepared to make at any price point the city’s finest properties command.
Ryan Lehrman, NMLS #235295, structures Super-Jumbo mortgage loans for Fort Collins buyers at this level — with portfolio lender relationships, asset depletion expertise, and the income documentation capability these transactions require.
Super-Jumbo mortgage loans are generally defined as loans above $3 million, though some portfolio lenders set the threshold at $2.5 million. These transactions are structured through portfolio lenders that hold the loan on their own books, private banking relationships, and specialized non-QM programs designed for complex income and asset profiles. In Fort Collins, Super-Jumbo lending applies to the most significant Horsetooth foothills estate properties, landmark Old Town homes on premium lots, and rural Larimer County acreage properties where custom build scope and land value combine to exceed $3 million in total value.
Super-Jumbo programs in Fort Collins also serve buyers whose wealth is concentrated in investment portfolios, retirement accounts, or CSU research endowments rather than current earned income — where asset depletion qualifying allows documented assets to support the loan rather than requiring the borrower to demonstrate sufficient monthly earnings. The CSU community in particular — faculty who have spent 30-year careers accumulating TIAA-CREF retirement assets, summer research grants, and real estate equity — produces a meaningful population of buyers whose asset depth substantially exceeds what their current employment income alone would suggest.
Properties on the eastern rim of Horsetooth Reservoir — those with direct lake access, private docks, large lot sizes, and 360-degree mountain views — represent Fort Collins’ most irreplaceable residential real estate. Portfolio programs offering 70–75% LTV on primary residences at loan amounts from $3 million to $7 million and above are available for these property types, with lenders who evaluate the full financial picture of the borrower — net worth, investment depth, employment tenure and stability — rather than applying formulaic income ratios. The collateral case for Horsetooth reservoir properties is strong: the combination of access scarcity (limited developable parcels with direct water frontage), permanent recreational infrastructure (Horsetooth Reservoir is a permanent public resource that cannot be built over), and proximity to CSU and Fort Collins’ employment base creates structural demand that portfolio lenders who know the market evaluate favorably.
Fort Collins has a meaningful population of buyers — particularly long-tenured CSU faculty and research professionals — who have accumulated significant TIAA-CREF, Fidelity, or Vanguard retirement balances over 25 to 35-year careers, along with investment accounts and real estate equity, but whose current employment income (base salary, research stipends, consulting) understates their true financial capacity. Asset depletion programs convert documented liquid and near-liquid assets to a calculated qualifying income, typically by dividing eligible asset balances by 60 to 84 months. A retiring CSU professor with $4 million in retirement and investment accounts might qualify for a substantial Super-Jumbo purchase without relying primarily on current academic salary — opening the door to Horsetooth estate properties or premium Old Town historic homes that their career earnings alone, applied to a standard mortgage, might not reach.
CSU’s senior administration, Woodward’s executive team, and HPE’s senior program directors carry income structures — deferred compensation arrangements, long-term incentive plans, performance-based compensation, and in some cases significant equity positions from private company participation — that require portfolio lenders with experience in executive income qualification. Ryan assembles these documentation packages — employment verification from company counsel, compensation plan summaries, deferred comp account statements, equity vesting schedules — to present each borrower’s full income picture to the portfolio lender most experienced with the specific type of compensation structure involved.
Custom builds on premium Horsetooth foothills lots or rural Larimer County acreage at total project costs exceeding $3 million require Super-Jumbo construction-to-permanent financing — a single loan covering land, construction draws, and permanent mortgage with the rate locked before construction begins. NoCO Custom Homes — HBA Custom Builder of the Year for Northern Colorado in 2025 and a specialist in $1 million-plus custom homes — is among the Fort Collins-area builders who build at this tier.
Horsetooth Reservoir — Fort Collins' Most Distinctive Estate Setting
Horsetooth Reservoir is not a detail about Fort Collins — it is part of its identity. The 1,900-acre reservoir sits just west of the city, backed by Horsetooth Mountain Open Space and Lory State Park, offering sailing, kayaking, paddleboarding, fishing, and trail access from one of the most accessible reservoir settings of any major Colorado city. The residential properties on the reservoir's eastern rim — those with direct water frontage, private dock access, and uninterrupted views of the water and the mountains beyond — represent a property type that simply does not exist in most cities. There is no equivalent location in Denver, Boulder, Colorado Springs, or Fort Collins' other neighborhoods that delivers water access plus mountain views plus urban proximity in the same configuration. That scarcity supports value through every market cycle.
Estate properties with direct Horsetooth access list at $2 million and above for the entry tier, with the most significant properties on large private parcels reaching $4–$6 million and above. Portfolio Super-Jumbo financing is the appropriate tool for most buyers at the top of this tier, and Ryan's relationships with portfolio lenders who have underwritten Front Range reservoir properties are the right starting point for any Horsetooth estate purchase above $2.5 million.
Old Town Landmark Estates
Old Town's most significant historic properties — those with full Victorian restoration, large lots, premium corner or boulevard positions, and architectural character that places them among Larimer County's most notable residential homes — occasionally trade above $2–$3 million. These transactions are relatively rare, because Old Town's housing stock, while distinctive, is constrained in size compared to estate markets in other cities. But when they occur, they require the same portfolio underwriting precision as any other Super-Jumbo transaction, including lenders comfortable with historic property appraisals that may rely on properties outside the immediate neighborhood for comparable support.
Rural Larimer County Acreage
The rural properties north, west, and east of Fort Collins — on five to twenty acres or more, with custom homes, equestrian facilities, and in some cases agricultural operations — represent a different expression of Super-Jumbo Fort Collins real estate: space, privacy, and a rural lifestyle within 30 minutes of the university city. The most significant properties in this category reach $3–$5 million for the right combination of land, improvements, and location. Portfolio lenders with rural acreage experience in Colorado — comfortable with well and septic systems, private road agreements, and custom construction on large parcels — are the right fit for these transactions.
Portfolio lender and private bank access — relationships with institutions that underwrite Super-Jumbo transactions as individual files evaluated on full financial picture
CSU TIAA-CREF and retirement asset depletion — correct calculation and documentation of TIAA-CREF, Fidelity, and Vanguard retirement balances for asset depletion qualifying
Woodward and HPE executive compensation — deferred comp, long-term incentive plans, and RSU accumulation documentation for senior Fort Collins executives
Horsetooth and Front Range reservoir property knowledge — portfolio lenders who understand reservoir-adjacent collateral and the structural demand factors that support it
Rural Larimer County acreage experience — familiar with well, septic, and private road documentation requirements for custom ranch properties in northern Colorado
Early engagement recommended — Super-Jumbo files benefit from pre-contract lender relationship establishment; Horsetooth estate properties, when available, often move on compressed timelines
Ryan Lehrman, NMLS #235295
Loan amount: Generally $3 million and above; some portfolio programs begin at $2.5 million
Credit profile: Typically 720+ minimum; 740–760+ preferred at higher loan amounts
Income documentation: W-2 including executive and equity compensation, CSU academic income with supplemental components, TIAA-CREF and investment asset depletion, deferred compensation, and complex hybrid income profiles all eligible; documentation requirements vary significantly by lender and program
Down payment and reserves: Typically 20–30% down at $3M+; 24+ months PITI reserves standard; strong TIAA-CREF and investment account positions can strengthen qualifying in some portfolio programs
Early confidential consultation — Super-Jumbo transactions benefit from pre-contract engagement; Ryan reviews the full income and asset profile — including TIAA-CREF balances, CSU compensation structure, HPE or Woodward equity position, or any other complex component — to identify the correct portfolio lender and structure your presentation before you are in contract on a Horsetooth estate or Old Town landmark home
Documentation assembly — tax returns, TIAA-CREF and investment account statements, employment letters, CSU appointment letter and grant documentation, Woodward or HPE compensation plan summaries, deferred comp schedules, and any other relevant income and asset documentation organized into a cohesive package
Portfolio lender introduction — Super-Jumbo lenders at this tier frequently require introductory conversations before committing to a pre-approval; Ryan facilitates this and ensures you are presented to the lender most aligned with your specific financial profile
Underwriting — more intensive and iterative than standard jumbo; additional documentation requests are routine; Ryan manages all communication from submission through final conditions clearance
Closing — final conditions cleared; Fort Collins Super-Jumbo transactions sometimes involve trust vesting, entity ownership, or other structures that Ryan coordinates with the appropriate title and legal professionals
Yes — through an asset depletion program. TIAA-CREF retirement accounts are generally treated as eligible near-liquid assets for depletion qualifying, subject to the lender's specific guidelines on early withdrawal penalties and vesting status. The typical asset depletion formula divides eligible asset balances by 60 to 84 months to generate a monthly qualifying income figure. A CSU professor with $5 million in combined TIAA-CREF and brokerage accounts might generate a qualifying income calculation of $60,000 to $83,000 per month — potentially sufficient to support a substantial Super-Jumbo purchase on the Horsetooth Reservoir without relying primarily on current academic salary. Ryan can evaluate your specific account types, vesting status, and balance levels to determine whether asset depletion qualifying applies and what loan amount it could support.
Horsetooth reservoir-adjacent properties require appraisers with Front Range reservoir experience because comparable sales may be limited — the pool of direct-access water-frontage properties in Larimer County is small, and each property has distinctive characteristics (lot size, frontage, elevation, view corridor, dock configuration) that affect value in ways that require local expertise to evaluate correctly. Portfolio Super-Jumbo lenders who operate in Northern Colorado understand this and work with appraisers on their panels who have specific reservoir property experience. Ryan selects lenders for Horsetooth estate transactions specifically based on their Colorado reservoir collateral experience — because a lender unfamiliar with the property type may apply conservative comparable adjustments that undervalue the property and create loan-to-value issues that an experienced appraiser would not produce.
A custom build on premium Horsetooth Reservoir land at a total project cost above $3 million requires a Super-Jumbo One-Time Close Construction-to-Permanent loan — a single loan that covers land acquisition and construction draws, converts to a permanent mortgage upon completion, and locks the rate before construction begins. NoCO Custom Homes — the 2025 HBA Custom Builder of the Year for Northern Colorado — has experience with builds at this tier and on this type of land. The documentation requirements are more extensive than a standard construction loan: full architectural plans, a signed custom builder contract with itemized budget, as-completed appraisal supporting the total project value, and the standard Super-Jumbo income and asset documentation package. Ryan walks through the full timeline and documentation requirements in the initial consultation, which should happen before you sign a land purchase contract or a builder agreement.
Super-Jumbo transactions benefit from early engagement. Let’s have a confidential conversation about your property and financial profile.
Originally from Harrisburg, Pennsylvania, I moved to Phoenix to attend Arizona State University and have proudly called Phoenix home ever since.
My journey into the mortgage industry began with a friend’s encouragement, who saw how my energy and people-first mindset could make a difference. He was right — I found my calling.
I’ve always embraced what makes me different. With ADHD as my secret weapon, I thrive in fast-paced, detail-heavy environments. I’ve built my career on clear communication, creative problem-solving, and putting clients first, always.
Outside of work, my greatest motivation is my wife and three amazing kids. I’d be honored to help guide you through your lending journey with care, clarity, and commitment.
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