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FHA poised to lower mortgage limits in Colorado

FHA poised to lower mortgage limits in Colorado

You may have heard the buzz. Right now unless congress takes action we will see lower FHA loan limits in Colorado . This will affect about 5% of prospective homebuyers in Colorado once that happens. It is set to go into effect October 1, 2011 unless it is stopped.

It won’t effect you if you do an FHA streamline on a mortgage you took out prior to the change, even if your balance remains above the loan limits in effect at that time. And it won’t effect you if you are doing a reverse mortgage or Home Equity Conversion Mortgage either (these two are established under a different legal authority).

Here are the proposed changes in Colorado by county:

County / Current /. Proposed / Difference

Adams County $ 406,250 $ 368,000 -$38,250

Arapahoe County$ 406,250 $ 368,000 -$38,250

Archuleta County $ 317,500 $ 285,200 -$32,300

Boulder County $ 460,000 $ 402,500 -$57,500

Broomfield County $ 406,250 $ 368,000 -$38,250

Chaffee County $ 280,000 $ 274,850 -$5,150

Clear Creek County $ 406,250 $ 368,000 -$38,250

Denver County $ 406,250 $ 368,000 -$38,250

Douglas County $ 406,250 $ 368,000 -$38,250

Eagle County $ 729,750 $ 625,500 -$104,250

El Paso County $ 325,000 $ 271,050 -$53,950

Elbert County $ 406,250 $ 368,000 -$38,250

Garfield County $ 425,000 $ 414,000 -$11,000

Gilpin County $ 406,250 $ 368,000 -$38,250

Grand County $ 356,250 $ 333,500 -$22,750

Gunnison County $ 433,750 $ 357,650 -$76,100

Hinsdale County $ 557,500 $ 427,800 -$129,700

Jefferson County $ 406,250 $ 368,000 -$38,250

La Plata County $ 443,750 $ 379,500 -$64,250

Lake County $ 729,750 $ 625,500 -$104,250

Larimer County $ 312,500 $ 271,050 -$41,450

Mesa County $ 371,250 $ 271,050 -$100,200

Mineral County $ 300,000 $ 271,050 -$28,950

Ouray County $ 482,500 $ 425,500 -$57,000

Park County $ 406,250 $ 368,000 -$38,250

Pitkin County $ 729,750 $ 625,500 -$104,250

Routt County $ 675,000 $ 625,500 -$49,500

San Juan County $ 425,000 $ 271,050 -$153,950

San Miguel County $ 651,250 $ 625,500 -$25,750

Summit County $ 729,750 $ 625,500 -$104,250

Teller County $ 325,000 $ 271,050 -$53,950

Weld County $ 417,500 $ 271,050 -$146,450

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

387 N Corona St #646, Denver, CO 80218.

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