VA Loan Limits For 2016
We saw what Fannie Mae did for Conventional mortgages, and FHA did for loan limits for 2016 in Denver. The VA also has increased their loan limits in step with Federal Housing Finance Agency (FHFA). What does that mean for Colorado? Well there were 39 counties where the loan limits were increased for 2016, and 11 of them were in Colorado. What this means is that it is clear that home prices are going up in the Denver metro area. Check out our recent blog talking about this!
Of the 11 counties in Colorado where loan limits were increased, 10 were considered in the Denver metro area. The one additional county where loan limits were increased was Boulder, which is a stones throw away.
So for a Veteran buying a home in 2016, this means the conforming loan limit has been raised to $458,850 in those counties (Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, Park) and for Boulder County that is $474,950 all of which are for single family homes. Meaning a 2,3 or 4 unit would have higher loan limits.
Bear in mind if you are buying with a VA loan you may be eligible to use bonus entitlement and borrow more than the conforming loan limit allows. If you have questions about this, or VA loans in general let me know~ Being a Veteran myself, it is an honor to help those I served after, with and before. We are all one family.
US Navy~ @MtgMaestro