Just posted to the HUD website are the new FHA loan limits. In Colorado’s 6 major counties (adams, arapahoe, denver, jefferson, broomfield,douglas) the loan limits have been raised to $406,250 from the previous of $308K. Also, in Boulder county they have gone up to $460K.
What does this mean to you?
If you are buying in that price range and looking to put minimal monies down FHA will be the way to go. You can still get a rate at upper 5% to 6% range putting down 3% or even use downpayment assistance to get the money gifted to you (email for specifics).
If you already have bought and have adjustable mortgage you might want to look at that as your option for a refinance. The mortgage insurance for conventional loans has gotten more expensive and is even credit score dependent as well.
FHA is not just for folks buying their first home, or who have had some credit challenges in the past. I will be using it to buy my next home (while owning investment properties) because I can leverage my money, put minimal monies down, and get some of the lowest mortgage rates around.
We have over 5 years and a wealth of knowledge about all angles of FHA financing. Make sure you work with someone you can trust! Give me a call with any questions about your situation 303.779.0591 x101
Enjoy your day~