Federal Housing and Finance Authority, Federal Housing Assistance, Fannie Mae, Freddie Mac, Equal Housing Opportunity, Liberty Home Loans

 

At the end of last year, the Federal Housing Finance Agency (FHFA) published its third quarter 2017 House Price Index Report.  Seasonally adjusted, home prices in the US increased by an average of 6.8 percent from the same time last year.

What’s the scoop?

As a whole, the state of Colorado saw an increase in home purchase prices of 8.52% over the same time last year.  That is a 327.28% increase since 1991.

Accordingly, the maximum limits for FHA, conforming Fannie Mae and Freddie Mac, and VA loans have increased for 2018.

FHFA loan limits are based on the county where a home is located, and what the average home prices are for that area.  Nationwide for 2018, most of the US will see an increase in Fannie Mae and Freddie Mac loan limits from $424,100 to $453,100.  FHA loan limits will see an increase that ranges from $294,515 in low-cost areas, up to $679,650 in high-cost areas.

How does this affect Colorado?

Colorado, like California and some states on the east coast, have counties that fall under designations of “high cost areas” and have above average loan limits.

Counties considered by the U.S. Department of Housing and Urban Development (HUD) to be in the “Denver-Aurora-Lakewood” metro area are seeing a loan limit increase to $529,000 on both conforming loans and FHA loans.  Boulder, where the median home price is greater, will see a loan limit increase to $578,450 for both conforming loans and FHA loans.

Certain mountain communities, where the median home price is as elevated as the altitude, will see loan limits that are higher than the rest of the state, with some as high as $679,650.

2018 FHFA Loan Limits for Colorado

What does this mean for home buyers?

Home buyers interested in these loan program can put down as little as 3.0%, but larger down payments give buyers the opportunity to utilize the FHFA loans on homes that cost more than the county’s loan limit.

These FHFA’s updated loan limits affect the borrowing opportunities for reverse mortgages as well.

To see what type of loan suits your needs, CONTACT US today.

Read the FHFA’s full News Release HERE

View an interactive map of the new loan limits nationwide HERE

 

2018 Loan Limits by Colorado County

County FNMA & FHLMC & VA FHA
Adams $529,000 $529,000
Alamosa $453,100 $294,515
Arapahoe $529,000 $529,000
Archuleta $453,100 $294,515
Baca $453,100 $294,515
Bent $453,100 $294,515
Boulder $578,450 $578,450
Broomfield $529,000 $529,000
Chaffee $453,100 $301,300
Cheyenne $453,100 $294,515
Clear Creek $529,000 $529,000
Conejos $453,100 $294,515
Costilla $453,100 $294,515
Crowley $453,100 $294,515
Custer $453,100 $294,515
Delta $453,100 $294,515
Denver $529,000 $529,000
Dolores $453,100 $294,515
Douglas $529,000 $529,000
Eagle $636,150 $679,650
Elbert $529,000 $529,000
El Paso $453,100 $304,750
Freemont $453,100 $294,515
Garfield $679,650 $679,650
Gilpin $529,000 $529,000
Grand $453,100 $373,750
Gunnison $453,100 $357,650
Hinsdale $453,100 $427,800
Huerfano $453,100 $294,515
Jackson $453,100 $294,515
Jefferson $529,000 $529,000
Kiowa $453,100 $294,515
Kit Carson $453,100 $294,515
Lake $625,500 $294,515
La Plata $453,100 $391,000
Larimer $453,100 $402,500
Las Animas $453,100 $294,515
Lincoln $453,100 $294,515
Logan $453,100 $294,515
Mesa $453,100 $294,515
Mineral $453,100 $294,515
Moffat $453,100 $294,515
Montezuma $453,100 $294,515
Montrose $453,100 $294,515
Morgan $453,100 $294,515
Otero $453,100 $294,515
Ouray $453,100 $425,500
Park $529,000 $529,000
Phillips $453,100 $294,515
Pitkin $679,650 $679,650
Prowers $453,100 $294,515
Pueblo $453,100 $294,515
Rio Blanco $453,100 $294,515
Rio Grande $453,100 $294,515
Routt $625,500 $634,800
Saguache $453,100 $294,515
San Juan $453,100 $294,515
San Miguel $625,500 $679,650
Sedgwick $453,100 $294,515
Summit $625,500 $679,650
Teller $453,100 $304,750
Washington $453,100 $294,515
Weld $453,100 $358,800
Yuma $453,100 $294,515

Liberty Home Loans

Contributors

Mic De Min
Robert Myers
Jan Hansen
Leah Hendricks

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