There’s good news for Colorado Springs homebuyers!
Today’s real estate market is a buyer’s market which makes buying a home more affordable than ever. Prices are good, interest rates are low and there are plenty of homes available.
Whether you are a first time homebuyer or move up buyer, an FHA loan offers significant benefits.
Because an FHA Loan is backed by the Federal Housing Administration, borrowers who obtain an FHA loan can often side-step the strict credit and high down payment requirements currently associated with conventional loans.
They also allow Colorado Springs homebuyers to purchase a home at the current FHA high cost loan limits. The FHA loan limits are determined not only by state, but county as well.
Each year, HUD sets the FHA loan limits for all 50 states. High cost FHA Loan Limits in Colorado Springs, CO were extended in early 2011 as the Federal Housing Administration looked to aid in the Real Estate Recovery.
However, loan limits look to be decreasing in El Paso County as of October 1st so time is of the essence to take advantage of our current maximum loan limit.
Current El Paso County FHA Loan Limit: $325,000
Limit as of 10/1/2011: $271,050
Difference: ($53,950)
This makes now a great time to buy a home in Colorado Springs with an FHA loan!
Keep in mind, if you decide to buy a multi-unit property, the loan limits do increase based on the number of units. A 2-4 unit home will qualify at a higher loan amount than a single family residence.
However, homebuyer qualifications for a multi-unit property can vary so make sure you consult with your lender before determining this is the right property for you.
As you can see, an FHA Loan offers many advantages. You get the home you want with a payment you can afford.
Find out how to begin the loan approval process today with our FREE Homebuyers Guide. This guide eliminates many of the hassles associated with loan approval and helps you understand many of the hefty loan costs you can avoid!
FHA Loans Offer Great News to Homebuyers was written by Rebekah Radice.
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