It’s not your job to stay on top of all the new mortgage rules, rates and programs available.
That is our job.
However, we thought you might want to know about something called a high-balance mortgage. This is especially important if you are looking in one of the many counties in Colorado that have been designated as a high-cost area by the Federal Housing Finance Agency (FHFA). You can see a complete list of the counties here.
Here is the FHFA loan limit increase for those specific neighborhoods located in Colorado County: “Denver County, CO [and] Denver-Aurora-Lakewood, CO [are] $424,350 to $458,850, an increase of $34,500.”
What does that mean?
Great question! Back on November 20th of 2015, the FHFA made changes to the high-balance mortgage loans program.
These changes designated certain areas as high-cost areas. For most of the country, the loan limit is $417,000 for single unit properties. However, now these high-cost areas have loan limits specifically designated to their higher cost homes. As the note above indicates, that limit is now $458,850 in Denver County.
If you are ready to get super technical, you can read the official word from FannieMae on the High-Balance Loan Feature.
As I said at the beginning of this article, you don’t have to know the ins and outs of these high-balance mortgages. We like to give you important information about changes in the mortgage industry and what may affect you in your home hunt. There are numerous programs available, and each one has its own set of rules and guidelines. So be sure to hire the best mortgage broker for your new home loan or refinance.
Check out our informative article on 5 things you need to know before buying a home for more great tips.
Tricia Houston, Owner
Lending Maven Mortgage
Colorado native and Stapleton resident
You have questions about getting a
mortgage, and I have the answers. 303-845-2409