HUD released its new increased lending guidelines today and while unfortunately the jumbo loan limits of $417,000 in Broomfield County have not been raised, the limits on loans that FHA will guarantee have jumped clear up to $406,000!
So what does this mean to Broomfield homebuyers? If you have shaky credit (like a bankruptcy or foreclosure in the past couple of years) but are currently paying your bills, and have the income to afford a mortgage, and a 3% down payment, you may be able to get an FHA loan for up to $406,000 and at competitive market rates.
Not every mortgage lender is certified to assist home buyers with FHA loans so be sure you choose the right one! If you’d like a referral to an FHA-certified lender please email me at beth@bethskinner.com and I’d be happy to help you out!
photo credit: *Free-Secret-Life*
