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