Denver Home Mortgage Loan Update

Nationwide mortgage banker offers prime rate incentive with Denver home mortgage loans to local residents seeking fixed rate refinancing, FHA home loans and cash out with second mortgages or home equity loans.

Denver's housing market exploding out of January's sales slump. Figures from the metro area realtors show home sales started out 53% in the hole from the previous year. But sales skyrocketed during the first two quarters of 2006. Then hit a snag, when the prime interest rate leveled off at 8.25% for three months in row.

Denver home sales charged up almost 2,000 points from 2,718 in January to 4,526 at the end of the second quarter. But the third quarter didn't start out so good. Sales plunged 15% from 4,526 in June to 3,862 in July.

"Denver has been a precursor of what's now happening nationally in the real estate market," says real estate broker Judith Clausen. "Denver's red hot market was a harbinger of what was to come in the national market. Denver climbed out of a recession in 1991 and 1992 when home sales began to increase rapidly, reach double digits between 1992 and 2001 when it began to cool. A market correction was highly overdue, but few sellers saw it coming. Since 2001, when Denver homes started taking a longer time to sell, values continued to rise, and until now though sellers knew properties would take a longer time to sell, they still expected a hefty increase in price."

And "hefty" prices they have. Average home prices started the year at $244,066. Interest rates for home purchase remained the same. While Colorado mortgage brokers reported a slight drop in second mortgage rates and the volume for home equity applications increased slightly for this period.

"But in August of 2006 reality began to catch up, and now the median home price for a single family home is $252,900, down from $259,500 in July, a drop of 2.6%. "

"The only bright spot is the number of homes sold in August 2006, which was up to 5,673 from 5,538 in July, an increase of 2.4%. But the number of homes sold in August 2005 was much higher, 10.8% more than in August 2006."

FHA loan limits in Denver, Colorado rose to $406,250, so this could mean fixed rate relief for borrowers who have been stuck in a high rate ARM. FHA home loans refinancing guidelines offer more flexibility than Freddie Mac or Fannie Mae mortgage programs. HUD raised the Denver mortgage maximum limits for 2008 and the loan changes can be seen below by county.

MSA Name

County Name

State

One-Family

Two-Family

Three-Family

Four-Family

SILVERTHORNE,

SUMMIT

CO

$729,750

$934,200

$1,129,250

$1,403,400

DENVER-AURORA,

PARK

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

ADAMS

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

DENVER

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

ELBERT

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

GILPIN

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

DOUGLAS

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

ARAPAHOE

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

JEFFERSON

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

BROOMFIELD

CO

$406,250

$520,050

$628,650

$781,250

DENVER-AURORA,

CLEAR CREEK

CO

$406,250

$520,050

$628,650

$781,250

 

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