Boulder County Real Estate, Did You Know.... FHA Loan Limits are Changing

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Real Estate Agent with Colorado Landmark, Realtors CRE #100007132

Boulder County Real Estate, Did You Know...FHA Loan Limits are Changing

Boulder County Real Estate,

The loan limits for FHA loans are changing on October 1st.... and the limits are decreasing.  The old limits will apply to loans that are:

1) submitted for loan application, and

2) under contract, and

3) have an FHA case number by Friday, September 30th

 

Here is a look at some of the loan limit changes by County:

Boulder Current FHA Loan Limit = $460,000  New Loan Limit beginning October 1, 2011 = $402,050

Broomfield Current FHA Loan Limit = $406,250 New Loan Limit beginning October 1, 2011 = $368,000

Weld Current FHA Loan Limit = $417,500 ~ New Loan Limit beginning October 1, 2011 $271,050

Adams Current FHA Loan Limit = $406,250 ~ New Loan Limit beginning October 1, 2011 $368,000

Jefferson Current FHA Loan Limit _ $406,250 ~ New Loan LImit beginning October 1, 2011 $368,000

Keep in mind the limits are LOAN limits not purchase price limits.  However, if you are currently in the market for a home and your proposed FHA loan is going to be higher than the above new limits, you need to work with your lender and your Real Estate Pro to get your loan approved BEFORE October 1, 2011.

 

Comments (1)

Eric Peltier
Eric Peltier - Premier Mortgage Group - Boulder Colorado - Boulder, CO
Mortgage Lender in Boulder CO

Technically, at this time the loan needs to CLOSE before Oct 1.  We have a few here at the office that have been granted an exception to close on Oct 3rd, but that's as far as our investors will allow us to push it.

Either way, this is a big bummer and a step backwards for the housing market.  It's pretty obvious that this will limit what a buyer can get into.

Sep 19, 2011 07:52 AM