Colorado FHA loans are an attractive option for many home buyers.
Whether you’re a first-time or a repeat homebuyer, or you need to
refinance, Houz Mortgage can help you explore FHA Loans as an
option for your real estate needs.
An FHA loan is a home loan insured by the Federal Housing
Administration (FHA). Primarily, the federal government insures
loans for FHA-approved lenders in order to reduce their risk of loss
if a borrower defaults on their mortgage payments.
HOW CAN FHA HELP ME IN BUYING A HOME?Since the Government’s Federal Housing Administration insures FHA loan, this gives lenders the confidence to make loans to individuals who otherwise
wouldn’t qualify particularly on a conventional loan. Along with making it simpler to get approval, FHA-support additionally means that down payment
requirements are lower than they’d be for most common mortgages.
IF I HAVE BANKRUPTCY IN THE PAST, CAN I STILL QUALIFY?Bankruptcy doesn’t normally disqualify applicants from FHA loans, provided that you’ve got an established good payment habits since the bankruptcy.
WHAT IS MORTGAGE INSURANCE? WHY DO I NEED HOMEOWNER’S INSURANCE IF I HAVE MORTGAGE INSURANCE?Mortgage insurance is distinct from homeowner’s insurance. Mortgage insurance covers the lender against the chance the borrower will default on the loan. This is actually the support that provides lenders the confidence to approve loans to homeowners with significantly less than perfect credit qualifications.
Homeowner’s Insurance helps homeowners make do with all the financial effects if a house is damaged or another person is injured on the property. This is a blend of two different kinds of hazard insurance, protection, and liability insurance.
CAN I BUY AN INVESTMENT PROPERTY OR SECOND HOME WITH AN FHA LOAN?No, FHA loan are for owner occupied property only. You must reside in the property for a minimum of one year, and have to move into the property within 60 days of closing a purchase. After this, you can alter how you make use of the property; yet, FHA typically Won’t cover more than one principal home mortgage for virtually any borrower.
FHA LOAN LIMITSThe FHA limits the maximum loan amount that it will insure. The conventional loan limits set by Fannie Mae and Freddie Mac are computed and updated annually, and influence these loan limits. The type of residence, including single-family or duplex, may also change these numbers.
FHA mortgage lending limits in COLORADO vary based on a variety of housing type and the cost
of local housing. FHA loans are designed for borrowers who are unable to make large down payments.
| County | Single Family | 2 Family | 3 Family | 4 Family |
|---|---|---|---|---|
| Adams County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Alamosa County | $420,680 | $538,650 | $651,050 | $809,150 |
| Arapahoe County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Archuleta County | $420,680 | $538,650 | $651,050 | $809,150 |
| Baca County | $420,680 | $538,650 | $651,050 | $809,150 |
| Bent County | $420,680 | $538,650 | $651,050 | $809,150 |
| Boulder County | $747,500 | $956,950 | $1,156,700 | $1,437,500 |
| Broomfield County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Chaffee County | $461,150 | $590,350 | $713,600 | $886,850 |
| Cheyenne County | $420,680 | $538,650 | $651,050 | $809,150 |
| Clear Creek County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Conejos County | $420,680 | $538,650 | $651,050 | $809,150 |
| Costilla County | $420,680 | $538,650 | $651,050 | $809,150 |
| Crowley County | $420,680 | $538,650 | $651,050 | $809,150 |
| Custer County | $420,680 | $538,650 | $651,050 | $809,150 |
| Delta County | $420,680 | $538,650 | $651,050 | $809,150 |
| Denver County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Dolores County | $420,680 | $538,650 | $651,050 | $809,150 |
| Douglas County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Eagle County | $862,500 | $1,104,150 | $1,334,700 | $1,658,700 |
| El Paso County | $460,000 | $588,850 | $711,800 | $884,600 |
| Elbert County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Fremont County | $420,680 | $538,650 | $651,050 | $809,150 |
| Garfield County | $970,800 | $1,243,050 | $1,502,475 County | $1,867,275 |
| Gilpin County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Grand County | $534,750 | $684,550 | $827,500 | $1,028,350 |
| Gunnison County | $431,250 | $552,050 | $667,350 | $829,350 |
| Hinsdale County | $427,800 | $547,650 | $662,000 | $822,700 |
| Huerfano County | $420,680 | $538,650 | $651,050 | $809,150 |
| Jackson County | $420,680 | $538,650 | $651,050 | $809,150 |
| Jefferson County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Kiowa County | $420,680 | $538,650 | $651,050 | $809,150 |
| Kit Carson County | $420,680 | $538,650 | $651,050 | $809,150 |
| La Plata County | $494,500 | $633,050 | $765,200 | $950,950 |
| Lake County | $420,680 | $538,650 | $651,050 | $809,150 |
| Larimer County | $522,100 | $668,400 | $807,900 | $1,004,050 |
| Las Animas County | $420,680 | $538,650 | $651,050 | $809,150 |
| Lincoln County | $420,680 | $538,650 | $651,050 | $809,150 |
| Logan County | $420,680 | $538,650 | $651,050 | $809,150 |
| Mesa County | $420,680 | $538,650 | $651,050 | $809,150 |
| Mineral County | $420,680 | $538,650 | $651,050 | $809,150 |
| Moffat County | $420,680 | $538,650 | $651,050 | $809,150 |
| Montezuma County | $420,680 | $538,650 | $651,050 | $809,150 |
| Montrose County | $425,500 | $544,700 | $658,450 | $818,250 |
| Morgan County | $420,680 | $538,650 | $651,050 | $809,150 |
| Otero County | $420,680 | $538,650 | $651,050 | $809,150 |
| Ouray County | $425,500 | $544,700 | $658,450 | $818,250 |
| Park County | $684,250 | $875,950 | $1,058,850 | $1,315,900 |
| Phillips County | $420,680 | $538,650 | $651,050 | $809,150 |
| Pitkin County | $970,800 | $1,243,050 | $1,502,475 County | $1,867,275 |
| Prowers County | $420,680 | $538,650 | $651,050 | $809,150 |
| Pueblo County | $420,680 | $538,650 | $651,050 | $809,150 |
| Rio Blanco County | $420,680 | $538,650 | $651,050 | $809,150 |
| Rio Grande County | $420,680 | $538,650 | $651,050 | $809,150 |
| Routt County | $678,500 | $868,600 | $1,049,950 | $1,304,850 |
| Saguache County | $420,680 | $538,650 | $651,050 | $809,150 |
| San Juan County | $420,680 | $538,650 | $651,050 | $809,150 |
| San Miguel County | $970,800 | $1,243,050 | $1,502,475 County | $1,867,275 |
| Sedgwick County | $420,680 | $538,650 | $651,050 | $809,150 |
| Summit County | $925,750 | $1,185,150 | $1,432,550 | $1,780,300 |
| Teller County | $460,000 | $588,850 | $711,800 | $884,600 |
| Washington County | $420,680 | $538,650 | $651,050 | $809,150 |
| Weld County | $483,000 | $618,300 | $747,400 | $928,850 |
| Yuma County | $420,680 | $538,650 | $651,050 | $809,150 |