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FHA Loan Limits- 2017 Announced

FHA Loan Limits- 2017 Announced

HUD has released the 2017 FHA loan limits to take effect next month. Good news for FHA borrowers is that HUD kept in step with Fannie & Freddie on conventional mortgage loan limits. FHA loan limits are based on the county, so you will see ranges all over the board on the front range of Colorado. For the most part we will see an increase in Colorado. FHA sets these limits at or between the low-cost area and high-cost area limits based on the median house prices for the area. To check the full list of FHA loan limits click here

COUNTY1-Unit2-Unit3-Unit4-Unit
Denver (**)$493,350$631,550$763,450$948,750
Boulder$529,000$677,200$818,600$1,017,300
El Paso$285,200$365,100$441,300$548,450
Larimer$376,050$481,400$581,900$723,150
Weld$322,000$412,200$498,250$619,250
Park$493,350$631,550$763,450$948,750
Summit$636,150$814,500$984,525$1,223,475

(** For reference purposes the reference above to Denver County includes the following counties: Denver County, Jefferson County, Douglas County, Arapahoe County, Adams County, Broomfield County)

This marks the 3rd straight year Colorado has seen an increase to the FHA loan limits. Click Here to read the full announcement in the FHA mortgagee letter.

IMPORTANT to note; your FHA case number assignment date dictates your eligibility for the new FHA loan limits. This change will not take effect until case number assignments on/after Jan 1, 2017.

There are many benefits to an FHA mortgage, and the new FHA loan limits will definitely help with the increasingly higher cost of housing in the Colorado real estate market. Make sure to ask your mortgage professional about reasons you may want to compare FHA to a conventional/VA/USDA loan to determine the proper structure and strategy when you buy your new home, or refinance your home loan.

Definitely make sure to look into FHA 203K loans if you own a 2-4 unit property and  live in one unit. Being as high as those loan limits are for 2-4 units you can do quite a bit of remodeling to a home to build equity and increase rents on the units you don’t live in.

If you would like to chat, give us a call 303-779-0591

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Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.

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Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

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