I received this from one of my lender partners…
The mortgage industry just received a bit of good news with the loan limits for FHA being raised significantly! With this increase, a number of homeowners will benefit in the resale of their existing homes and with the purchase their next residence. For most of the Denver metro counties, the new FHA loan limit for a single unit property will be raised to $406,250. The exceptions are Boulder county @ $460,000, and El Paso county @ $325,000. Currently investors are restructuring their policies to accommodate this change, so more updates will follow.
With FHA financing, there are many advantages beneficial to the borrower:
- FICO scores are more conservative, with a minimum score of 600 for most investors
- $0 down with seller assistance thru non-profit, such as Nehemiah
- More flexibility with the job stability of each borrower
- Metro Denver is not considered a declining market with most investors
- Competitive interest rates, currently 6.00% for a 30 yr Fx rate.
Please let me know of any questions you may have regarding this or any other mortgage concerns. I look forward to assisting your clients with their mortgage financing needs.
Sincerely,
Jim Barnard
Senior Mortgage Banker
Englewood Mortgage Company
Direct 303-414-6850
Cell 720-201-6038
Fax 303-414-1681
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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Kristal Kraft
One Comment
Ours went up too. In Cleveland I think it’s $258k. Higher in other areas of the County. I like the point that says the amounts went up so we (and you!) are not seen as a declining market.
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