Colorado Springs Vintage Homes Blog
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USDA has money to lend for home buyers in rural areas of Colorado!
Are you searching for a home in Colorado that’s perhaps a little out of the way? Perhaps an area like Peyton or Rush (even parts of the Springs may qualify). Do you have a good credit rating but lack a big down payment? (only requirement is $100 down). Perhaps you only make a small amount of the median income in the area, which might prevent you for qualifying for a conventional
USDA has MONEY to lend for home loans
loan. There’s help out there for you in the form of a USDA (United States Department of Agriculture) home loan! That’s right, the USDA has a home loan program geared to help people with a low to moderate income purchase homes in rural areas (you may also be surprised at what rural means). These loans are backed by the US government and unlike FHA loans, USDA loans do not require the borrower to qualify for monthly mortgage insurance premiums.
To see if you qualify based on the income limits, visit Colorado USDA office adjusted income limits which can provide you the limits based on the county that you want to purchase your home in.
USDA loans offer competitive rates and also allow seller concessions to be used towards closing costs. There’s no Read the rest of this entry »
New FHA limits increased again for 2009 in El Paso County
FHA has new loan limits
One of our favorite guest writers, Harry Venick sent me an email yesterday stating that the FHA has increased the loan limits for El Paso County!
According to Harry, “FHA loan limits have been increased for 2009 again: El Paso County $ 325,000(1unit ), $ 416,050 (2units), $502,900 (3units), and $ 625,000 (4units).”
Harry Venick is a Sr. Loan Officer with Adams Mortgage, LLC. He can be reached at (719) 955-3674 or his cell is: (719) 338-3879.
If you’ve been holding off because you haven’t been able to get a large enough loan with the FHA, it might be a great time to revisit Read the rest of this entry »
