FHA Loan Limit Increased

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