Great news for first time homebuyers!
FHA mortgage loan limits have just been increased around the nation, including new higher FHA loan limits for Colorado Springs, Colorado, and all of El Paso County, Colorado and the Pikes Peak region.
For a single family home in El Paso County, Colorado, an FHA mortgage loan borrower can now receive a mortgage loan of up to $304,750.
This is a significant increase above the prior $285,200 loan maximum that FHA would previously fund in the Colorado Springs area 2017.
The increase in FHA loan limits is a direct and welcome response to rising home prices across the nation. In El Paso County, Colorado, we saw a 10% increase in average home sale prices over the last year in 2017 to a current average home sale price in the Colorado Springs area of $318,000. This makes the Pikes Peak region less affordable for first time home buyers. But with the revised FHA mortgage maximum for 2018, first time home buyers can be more competitive and have more home options available.
For more information about FHA loans, and buying a house in Colorado Springs, contact Live Dream Colorado at 719-272-1765.