The Department of Housing and Urban Development released new maximum loan amounts for FHA loans on properties located in La Plata County Colorado. This would include Durango, Bayfield, and Ignacio. The new loan limits are as follows: for a single-family home $443,750; for a duplex property $568,050. For a single family home, that represents an increase of over 10% compared to the previous loan limit.
FHA loans are particularly helpful for people with a small down payment as an FHA loan only requires a 3% down payment. These new loan limits will certainly help in the sales of Durango real estate because our average price is a bit higher than you'll see in many parts of the country. By raising the loan limits, more buyers will be capable of buying a home in Durango and enjoying the Durango lifestyle.
Over the years I have found that parents will have their eye out for a home for their adult children who are just getting started. An FHA loan might be just the ticket because a gift of the down payment from a parent is acceptable to FHA.
Please feel free to give me a call and I would be happy to discuss possible properties with you. Here's a link to my website so you can search for homes.
Durango Real Estate Home Search
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