New FHA County Loan Limits for 2016

Loan Limits in the State of Colorado What is a Loan limit? Loan limits have a definition very closely related to their name. A loan limit is the maximum allowable loan size for a mortgage. Loans for amounts above loan limits cannot be approved. Mortgage loan limits can vary by product and by ZIP code. An example would be the particular loan limits set for FHA Loans that differ from Fannie Mae or Freddie Mac.  A VA which is managed by the Department of Veteran Affairs also has a different set of specific limits.  For 2016, the limit for all counties is $417,000 for single-unit homes.  This is the set default mortgage loan limit nationwide. The Federal Housing Administration released its maximum mortgage limits for 2016 on Wednesday December 9th 2015.  Limits will increase in 188 counties due to the changes in home prices, and no counties will have decreasing loan limits. Below are are the Colorado limits for 2016 and the previous years limits:

• Adams County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Arapahoe County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Boulder County, Colorado 2016 Loan Limit: $474,950 (2015: $456,550)
• Broomfield County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Clear Creek County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Denver County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Douglas County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Elbert County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Gilpin County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Jefferson County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)
• Park County, Colorado 2016 Loan Limit: $458,850 (2015: $424,350)

What Are My Options As A Borrower?

Want help choosing a loan program listed below are the general details for conventional, FHA, and VA programs.

Conventional

• No Overlays
• PIW’s accepted
• 97% LTV – Fixed
• 90% LTV – 5-7 year ARM’s
• 620 Min FICO
• Fannie Mae & Freddie Mac
• LPMI Available
• DU Refi Plus and Open Access

FHA

• Make Sense Underwriting
• FICO’s down to 580
• Streamlines to 580 (mortgage only credit)
• Extra .5% for purchase above 680
• Extra .5% for streamlines

VA

• Make Sense Underwriting
• 100% Cash Out
• FICO’s down to 580
• Streamlines to 580
• Extra .5% for purchases above 680
• Extra .5% for streamlines