Colorado FHA Mortgage: Purchasing a Home

The Colorado FHA mortgage is a government insured loan option that appeals to many first-time home buyers because of the less stringent qualifying factors and lower down payment requirements.  In some cases, borrowers are only required $100 down on the purchase of a new home.

When buying a home, some of the highlights of the Colorado FHA mortgage program are:

  • 3.5% down payment
  • Seller paid closing costs allowed
  • Low closing costs
  • Fixed rates available
  • Even lower ARM rates with protective FHA rate caps
  • Up Front Mortgage Insurance required
  • $100 down program on some purchases
  • $8,000 tax credit allowed in 2009

Colorado FHA Mortgage: Streamline Refinancing

One great appeal borrowers have to the Colorado FHA mortgage is the option in the future to refinance into better mortgage terms through an FHA to FHA streamline refinance.  As an insurer, FHA makes it possible for their borrowers to either obtain a fixed rate or to improve their interest rate with minimal credit and income qualifying factors.  In some cases borrowers do not even need an appraisal to “streamline refinance”.

Colorado FHA Mortgage: Rate & Term or Cash-Out Refinancing

Many borrowers do not fit into the “conventional  loan” category, and others are not eligible for the best rates through a ”conventional loan” because of the ever increasing credit, income and LTV requirements for a conforming loan.  Most borrowers enjoy the exact same low rate with a Colorado FHA mortgage whether they have perfect credit or less than perfect credit and even if they desire a cash-out or debt consolidation transaction.

Colorado FHA Mortgage Limits For Select Counties
Colorado FHA Mortgage limits for Denver, Adams, Jefferson, Arapahoe and Douglas counties for 2009 are:

  • One Family Home – $406,250
  • Two Family Home – $520,050
  • Three Family Home – $628,650
  • Four Family Home – $781,250

Colorado FHA Mortgage limits for Boulder county for 2009 are:

  • One Family Home – $460,000
  • Two Family Home – $588,850
  • Three Family Home – $711,800
  • Four Family Home – $884,600

Colorado FHA Mortgage limits for Larimer county for 2009 are:

  • One Family Home – $312,500
  • Two Family Home – $400,050
  • Three Family Home – $483,550
  • Four Family Home – $600,950

Colorado FHA Mortgage limits for El Paso county for 2009 are:

  • One Family Home – $325,000
  • Two Family Home – $416,050
  • Three Family Home – $502,900
  • Four Family Home – $625,000

Colorado FHA Mortgage limits for Pueblo county for 2009 are:

  • One Family Home – $271,050
  • Two Family Home – $347,000
  • Three Family Home – $419,425
  • Four Family Home – $521,250

Colorado FHA Mortgage limits for Mesa county for 2009 are:

  • One Family Home – $371,250
  • Two Family Home – $475,250
  • Three Family Home – $574,500
  • Four Family Home – $713,950

Colorado FHA Mortgage limits for Pitkin, Eagle, Summit and Lake counties for 2009 are:

  • One Family Home – $729,750
  • Two Family Home – $934,200
  • Three Family Home – $1,129,250
  • Four Family Home – $1,403,400