What the pros say about the Seattle real estate market in November
When I asked a group of Seattle-area real estate agents about the Seattle housing market November, the results were nearly unanimous — eight out of nine said it’s a better time to buy than sell.
Here’s what they’re seeing firsthand across West Seattle, Burien, and Renton.
Seattle Housing Market Inventory and Buyer Leverage
James Ngugi (Instagram) opened the conversation with what most agents agree on:
The market has completely shifted…
“The market has completely shifted — there’s a lot more inventory, and buyers have real negotiating power right now.”
That leverage theme came up repeatedly. Natalie Blake (Instagram) put it plainly:
“It’s a great time to be buying.”
And Michael Pearsall (Instagram) agreed that motivated sellers are creating smart opportunities for buyers before spring competition ramps up again.
Seattle Housing Market Prices and Flexibility
Maysaa Souki (Instagram) said buyers finally have options:
We’re seeing great inventory…
“We’re seeing great inventory and great prices. There’s just more room for buyers to get what they actually want.”
Sebastian Fessenden (Instagram) added a balanced take:
“It’s still a good time to sell if your home stands out — unique homes always move. But for most sellers, waiting until spring might make more sense.”
“Prices cool down when the temperature does. That’s when serious buyers can make their best deals.”
And Alican Bodur (Instagram) offered the long-term strategy:
You can negotiate…
“You can negotiate the price now, buy lower, and refinance later when rates drop. That’s how you win on both sides.”
Balancing Both Sides of the Market
Joni Moriarty (Instagram) pointed out that sellers who also plan to buy can come out ahead:
“If you’re buying and selling at the same time, you’ll probably have leverage on the buy side — and you’ll be facing motivated buyers on the sell side.”
Sonia Hernandez (Instagram) closed the conversation perfectly:
“It’s a better time to be buying than selling — there’s more to choose from, and sellers are incredibly negotiable.”
My Take on the Seattle Housing Market in November
After ten years as a real estate agent and five years in lending, I agree with them — this November market favors buyers who are ready to act.
When inventory is up, competition is low, and sellers are flexible, it’s the ideal time to secure the right home. Rates can change, but the right property doesn’t wait.
As the year winds down, the Seattle housing market in November offers a rare mix of lower competition and motivated sellers. For buyers who act now, the numbers — and the agents — are on your side.
Visual summary of aging in place solutions: financial planning, home upgrades, in-home care, and community connection.
Most older adults want the same thing as they age—to remain in the comfort of their own homes, surrounded by familiar routines, neighbors, and memories. Aging in place means preserving independence, continuing to build home equity, and making choices that keep dignity and financial security intact. It’s often more affordable than moving into assisted living too early, but it requires planning and support.
Aging in place isn’t just about staying put—it’s about facing real challenges like health needs, home upkeep, and staying socially connected. With the right resources in place, living at home longer becomes both possible and fulfilling.
A warm moment between an older couple enjoying coffee together at home — representing comfort, connection, and the freedom of aging in place.
What It Takes
Home support: Cleaning, maintenance, organizing, and modifications such as grab bars or ramps.
Financial and legal guidance: Estate planning, Medicaid and Social Security support, and tools like reverse mortgages.
Care and transportation: In-home care, mobility support, and access to local services.
Community connections: Organizations like The Center for Active Living provide activities, education, and social engagement to combat isolation.
What the Numbers Say
84% of older Americans say aging in place is important.
58% call it extremely important, tied to deep connections with home and independence.
Nearly 90% of adults 50+ want to age in place — long before retirement age.
84% of adults 65+ expect to stay in their current home, but only 46% have made needed modifications.
Just 34% feel it’s very affordable to modify their home — cost is a major barrier.
Learn what to ask a lender before trusting a pre-approval — from verifying documents to understanding risk.
Real estate agents see pre-approval letters every day, but not all pre-approvals are created equal. Knowing the questions to ask a lender about a pre-approval can make or break your client’s deal.
Some letters collapse once underwriting begins, while others hold up because the lender did the hard work up front. Here are the seven questions (plus three bonus ones) that help you tell the difference between a strong buyer and a risky one.
Top Questions to Ask a Lender About a Pre-Approval
1. When were the most recent paystubs and bank statements collected?
If it’s been more than 30 days, things may have changed. Why it matters: You’re confirming that the buyer’s job and funds haven’t shifted. Red flag: “Our documents are over a month old.”
2. Has an underwriter reviewed income if the buyer is self-employed or has variable pay?
Commission, bonus, and self-employment income can change everything. Why it matters: An early underwriter review prevents surprises later. Red flag: “We just went off what they told us.”
3. Have funds for down payment and closing been verified and sourced—including large deposits?
If not, why not? Are there reserve requirements, and does the buyer meet them? Why it matters: Just because the money shows up on a statement doesn’t mean it’s usable. The lender must verify where it came from and ensure it’s seasoned. Red flag: “We’re relying on what the buyer said they have.”
4. Have you run AUS for this property, including taxes, insurance, and HOA dues? Did it generate an appraisal waiver?
Automated Underwriting Systems (AUS) like Fannie Mae’s DU or Freddie Mac’s LP confirm whether a file truly qualifies. Why it matters: Running AUS with the actual property confirms the approval fits and whether an appraisal waiver applies. Red flag: The lender letter is dated or AUS hasn’t been rerun.
A loan officer carefully reviews DU and LPA findings to verify the strength of a borrower’s pre-approval before an offer is made.
5. Payment & Cash to Close — Have those numbers been reviewed with the buyer?
Why it matters: Buyers who haven’t seen their full payment breakdown may back out later. Red flag: “We haven’t discussed total payment or funds to close yet.”
6. What additional documentation is needed before the file can enter underwriting?
Why it matters: An incomplete pre-approval is just a pre-qualification. You want to know if it’s ready to move forward. Red flag: “We’re still waiting on income or asset documents.”
7. Are there any factors that could delay or stop this loan from closing?
Why it matters: Lenders often know where the weak points are—this question brings them to light. Red flag: Vague, hesitant answers.
A group of homebuyers meets with a real estate agent to discuss what to ask a lender about a pre-approval.
Bonus Questions to Ask a Lender About a Pre-Approval
8. How recent is the credit pull?
Why it matters: Credit reports expire. A new pull could reveal debt or score changes that affect the loan. Red flag: “It’s more than 60 days old.”
9. What dollar amounts for property taxes, insurance, and HOA dues were used?
Why it matters: Low estimates can disqualify a buyer if actual costs are higher. Red flag: “We just estimated” or “We didn’t include HOA.”
10. Is there anything unique about this loan or borrower I should know?
Why it matters: Gift funds, trust ownership, or condo rules can cause delays. Ask early. Red flag: Surprises that appear after the offer is accepted.
Why These Questions to Ask a Lender About a Pre-Approval Matter
Asking the right questions to ask a lender about a pre-approval protects both you and your clients. You don’t need to know every mortgage guideline—you just need to ask questions that uncover risk and confirm readiness.
These conversations help you identify serious buyers, avoid preventable delays, and close confidently with the right partners.
Next Steps for Agents
Agents who work with condos or HOAs should also review my post on evaluating HOA and condominium reverse mortgages. It explains how lenders assess insurance coverage, pending litigation, and reserve funds — details that can make or break a loan approval.
For a deeper understanding of automated underwriting systems (AUS), see Fannie Mae’s official DU guide. It explains how Desktop Underwriter (DU) and Loan Product Advisor (LPA) evaluate borrower data, assets, and property information to determine loan eligibility.
Watch: Questions to Ask a Lender About a Pre-Approval
Evaluating the HOA on a Condominium for an FHA Reverse Mortgage
Evaluating the HOA on a Condominium for an FHA Reverse Mortgage
This guide is for real-estate agents, financial advisors, and savvy homeowners evaluating the HOA on a condominium for an FHA reverse mortgage. Use it to avoid expensive surprises and loan denial.
Quick Wins When Evaluating the HOA on a Condominium for an FHA Reverse Mortgage
Verify ≥ 50 % owner-occupancy and < 15 % delinquencies.
Scan the HUD-9991 form before paying for a condo cert.
Check the master policy for 100 % replacement cost and deductibles under $10 k.
Email the 10 questions in Step 6 first—save time and money.
Step 1 – FHA Spot-Approval Basics for Evaluating the HOA on a Condominium
Project complete—no active construction.
≥ 5 units, ≥ 50 % owner-occupied.
≤ 10 % FHA concentration (max 2 units if < 10 total).
No unresolved litigation or financial distress.
Step 2 – HOA Financial Health When Evaluating the HOA on a Condo for an FHA Reverse Mortgage
≥ 10 % of budget to reserves or a reserve study < 24 months old.
Delinquencies below 15 %.
Operating and reserve funds in separate accounts.
Owner-occupancy, reserves, and delinquency rates drive FHA approval odds.
Step 3 – Insurance Traps When Evaluating the HOA on a Condominium for an FHA Reverse Mortgage
100 % replacement-cost hazard coverage.
≥ $1 M liability.
Fidelity bond if 20+ units or >$50 k in funds.
Flood insurance if required by FEMA.
Watch out: massive deductibles on roofs or “walls-in” exclusions.
Step 4 – Deal-Killers That Stop an FHA Reverse Mortgage on a Condo
Reserves underfunded or no recent study.
Delinquencies > 15 %.
Pending structural litigation.
Commercial space > 35 %.
These issues derail FHA spot approval immediately.
Step 5 – General HOA Health Tips for an FHA Reverse Mortgage
Reserve study funded ≥ 70 %.
Budgets & meeting minutes readily available.
Common areas kept in good repair.
Step 6 – Pre-Screen Email While Evaluating the HOA on a Condominium
Copy/paste and send before paying for a condo cert:
Subject: A couple of questions before I request a questionnaire
To whom it may concern,
Questionnaires have become very expensive. Could you please help me determine the following before I spend a lot of $ on a questionnaire.
Is the current owner-occupancy percentage greater than 50%?
Are more than 15% of units 60+ days delinquent?
Does any owner/entity own >10 % of units?
Could you send me the master insurance policy?
Does the HOA perform any short-term rental property management activities?
Is there any structural deferred maintenace that would be identified in a questionnaire?
Are there any current special assessments?
Is there any pending litigation?
Is the HOA developer controlled? Are there any portions of the project still under construction?
Do you know if there is commercial space and if so, is it more than 35% of the total square footage?
Frequently Asked Questions
What makes a condo ineligible for an FHA loan or reverse mortgage?
High delinquencies, low reserves, litigation, or missing insurance.
Agents, advisors, and informed homeowners rely on this checklist.
About the Author
Christopher Gibson is a mortgage loan officer licensed in CO, FL, MI, TX, GA, and WA, and a former real-estate agent. He specializes in FHA reverse mortgages and condo lending strategies.
Down payment assistance programs continue to be valuable resource for homebuyers across the country. To help our real estate partners grow their business and better serve borrowers, we offer an exclusive 0% Down Purchase program through UWM. Simply put, qualified borrowers receive a 3% down payment assistance loan, up to $15,000, from UWM. This allows our partners to help more buyers get into a home right now with no down payment.
Here’s how it works:
First lien mortgage meets LTV requirements
UWM provides a second lien mortgage for 3% of the purchase price, up to $15,000
Second lien has no monthly payment requirement and no interest
Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
Payments on the second lien can be made throughout the loan term, but are not required
How borrowers can qualify:
Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property they are buying and meet Home Possible® guideline requirements
For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance
This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%
—OR—
At least one borrower must be a first-time homebuyer and meet HomeOne® and UWM’s guideline requirements
First-time homebuyer is defined as someone who has not had ownership interest in a home in the last 3 years
700 FICO and LTV must be greater than 95%, up to 97%
Information subject to change. Certain restrictions apply. Subject to approval of borrower and investor guideline requirements. Down payment is provided as a 2nd lien against the subject property. 2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount. 2nd lien has no minimum monthly payment requirements, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien. Borrower must qualify based on Home Possible® or HomeOne® guidelines. Some exclusions may apply.
The principal, interest, and MI payment of a $350,000 30-year Fixed-Rate Loan at 6.75% and 97% loan-to-value (LTV) is $2270.09. The Annual Percentage Rate (APR) is 6.949% with estimated finance charges of $6,500. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 5/20/24. Subject to borrower approval. Some exclusions may apply.
Understanding Modular and Manufactured Homes: Financing Challenges and Opportunities
The Distinct Differences Between Modular and Manufactured Homes
Modular homes are constructed in sections at a factory and assembled on-site on a permanent foundation, adhering to local and state building codes. Manufactured homes, built entirely in a factory under the Federal HUD building code, can be placed on permanent or non-permanent foundations. Telling the difference between a manufactured home and a modular home by just looking at them can be challenging, especially since both types of homes have evolved in terms of design and quality. However, there are a few general indicators that might help distinguish between the two:
Foundation and Undercarriage:
Manufactured Homes: Typically, they are built on a non-removable steel chassis and may have visible undercarriage or a skirting area covering the space between the home and the ground.
Modular Homes: These are usually set on a traditional concrete foundation that’s similar to site-built homes and don’t have a visible steel chassis or undercarriage.
Appearance and Design:
Manufactured Homes: Often come in single or double-wide configurations and might have a more rectangular shape. The roof pitch tends to be lower, and the exterior design may be more simplistic.
Modular Homes: They can be virtually indistinguishable from traditional site-built homes. They offer more variety in design, including multi-story options, higher roof pitches, and diverse architectural styles.
Transportation:
Manufactured Homes: These homes are often seen transported in whole sections on roads, with transportation tags visible.
Modular Homes: Transported in sections or modules, but once assembled on their foundation, they don’t resemble a structure that has been transported.
HUD Tag vs. Local Building Codes:
Manufactured Homes: Should have a HUD tag or certification label, indicating compliance with federal standards.
Modular Homes: They don’t have HUD tags. Instead, they are built to comply with local and state building codes, and documentation or certification might be available through local building permits and inspections.
Exterior Utilities and Connections:
Manufactured Homes: Utility connections might be more visible, similar to a mobile home.
Modular Homes: Utilities are typically connected in a way that’s similar to site-built homes, often less visible.
Despite these general guidelines, it’s important to note that the lines between manufactured and modular homes can blur, especially with advancements in factory-built housing. Sometimes, the only sure way to differentiate is through looking at the documentation or building permits of the home.
Telling the difference between a manufactured home and a modular home by just looking at them can be challenging, especially since both types of homes have evolved in terms of design and quality. However, there are a few general indicators that might help distinguish between the two:
Foundation and Undercarriage:
Manufactured Homes: Typically, they are built on a non-removable steel chassis and may have visible undercarriage or a skirting area covering the space between the home and the ground. Modular Homes: These are usually set on a traditional concrete foundation that’s similar to site-built homes and don’t have a visible steel chassis or undercarriage. Appearance and Design:
Manufactured Homes: Often come in single or double-wide configurations and might have a more rectangular shape. The roof pitch tends to be lower, and the exterior design may be more simplistic. Modular Homes: They can be virtually indistinguishable from traditional site-built homes. They offer more variety in design, including multi-story options, higher roof pitches, and diverse architectural styles.
Transportation:
Manufactured Homes: These homes are often seen transported in whole sections on roads, with transportation tags visible. Modular Homes: Transported in sections or modules, but once assembled on their foundation, they don’t resemble a structure that has been transported.
HUD Tag vs. Local Building Codes:
Manufactured Homes: Should have a HUD tag or certification label, indicating compliance with federal standards. Modular Homes: They don’t have HUD tags. Instead, they are built to comply with local and state building codes, and documentation or certification might be available through local building permits and inspections.
Exterior Utilities and Connections:
Manufactured Homes: Utility connections might be more visible, similar to a mobile home. Modular Homes: Utilities are typically connected in a way that’s similar to site-built homes, often less visible.
Despite these general guidelines, it’s important to note that the lines between manufactured and modular homes can blur, especially with advancements in factory-built housing. Sometimes, the only sure way to differentiate is through looking at the documentation or building permits of the home.
Navigating Financing Challenges
Modular homes may face issues such as appraisal difficulties and lender misconceptions, requiring construction loans for both land and home construction. Manufactured homes encounter challenges like strict HUD code compliance, titling issues, and higher interest rates and down payments.
Fannie Mae, Freddie Mac Requirements, and HUD Guidelines for Manufactured Homes
Financing for manufactured homes through Fannie Mae and Freddie Mac involves specific criteria:
Size Requirements: The home must be at least 400 square feet and 12 feet wide. Construction and Installation: Built to HUD Code, on a permanent chassis, and installed on a permanent foundation system. Titling and Land Lease Limitations: Must be titled as real estate. Fannie Mae generally does not purchase manufactured housing loans if the home is on a leased lot or in a leasehold community. The land must typically be owned outright by the homeowner, which can limit financing options for homes not owned with the land. HUD Tag Requirement: The HUD tag, affixed to each section of a manufactured home, certifies compliance with HUD standards, containing information such as the serial number and date of manufacture.
Movement of manufactured homes
There are specific rules and considerations regarding the movement of manufactured homes when using a conforming loan, particularly those backed by Fannie Mae or Freddie Mac. Here’s a summary of the key points:
Movement from the Original Site:
Manufactured homes are expected to be transported directly from the manufacturer to the final site. If a manufactured home has been moved from its original site (where it was first installed), it typically becomes ineligible for a conforming loan. This policy is in place because moving a manufactured home can potentially compromise its structural integrity and may also indicate it was previously used, which can affect its eligibility.
One-Time Move Rule:
The general rule for conforming loans is that the manufactured home should only be moved once – from the factory to the lot where it is to be permanently located. Any subsequent moves after the initial placement can disqualify the home from most conventional financing options.
Documentation and Certification:
Lenders may require specific documentation to prove that the home has not been moved from its original installation site. This might include transport records, installation permits, or other forms of certification.
Financing Limitations for Manufactured Homes vs. Site-Built Homes
Maximum LTV for First-Time Home Buyers: For manufactured homes, the maximum loan-to-value (LTV) ratio is capped at 95% for first-time home buyers, compared to 97% for site-built homes under Fannie Mae’s standard transactions.
Condominium Communities and Manufactured Homes
In condominium communities, manufactured homes may not need to be owned with the land. However, this is an exception and not the norm for financing manufactured homes, as Fannie Mae typically requires the land to be owned by the homeowner. For these communities, both the land and dwelling, must be subject to the condo regime. PERS (Project Eligibility Review Service) approval is required for all condo, co-op, or PUD projects that consist of single-width manufactured homes and for some projects with multi-width manufactured homes.
Tiny Homes
Tiny homes are built to HUD standards. According to the U.S. Department of Housing and Urban Development (HUD), tiny homes that rest on a skid or foundation — or are over 400 square feet — now fall squarely under the HUD manufactured housing standards 1. HUD prohibits the sale and lease of homes that do not meet federal standards, and tiny home builders are now entering a new era of compliance. In order to be occupied, a tiny home must comply with the standards of, and be approved as one of the following types of structures: a HUD-Code manufactured home (MH), California Residential Code or California Building Code home, factory-built housing (FBH), recreational vehicle (RV), park trailer (PT) or camping cabin (CC). If a tiny home is not built according HUD standards, it will not qualify for a conforming mortgage, however being built according to HUD standards will not qualify a tiny home for a conforming mortgage in of itself.
Emerging Solutions and Developer Considerations
The landscape is evolving with a focus on sustainability, affordability, and technology. Developers should consider regional demand, mortgage rates, and material costs. Flexible floor plans, outdoor living spaces, and technology enhancements can improve appeal. Staying informed about trends and regulatory changes in the manufactured and tiny home sectors is crucial for navigating the financing landscape and capitalizing on market opportunities.
For those stepping into the realm of homeownership for the first time, weighing the options between FHA vs conventional loans is crucial. Let’s delve into the key distinctions and benefits of each loan category.
Federal Support for FHA Loans for Novice Homebuyers
FHA loans enjoy federal government support, unlike their conventional counterparts. This backing allows for more lenient criteria regarding down payments and credit scores for FHA loans. However, they come with higher associated fees and mortgage insurance costs.
Variations in Credit Scores for FHA and Conventional Loans for New Homebuyers
While FHA loans mandate a minimum credit score of 580 and a down payment as low as 3.5%, conventional loans generally ask for a credit score starting at 620 and a minimum down payment of 3%. Note that these requirements can vary with different lenders and are influenced by the borrower’s specific circumstances and prevailing market trends.
Differences in Mortgage Insurance for FHA and Conventional Loans for First-Time Buyers
FHA loans include both an upfront and a monthly mortgage insurance premium, typically 1.75%, potentially increasing the overall cost of the loan. In contrast, conventional loans require private mortgage insurance (PMI), payable either monthly or in a lump sum, and it may cease once the loan-to-value (LTV) ratio hits 78%.
Interest Rate Disparities Between Conventional and FHA Loans for New Homebuyers
FHA loans often feature lower interest rates compared to conventional loans, potentially making them more cost-effective over time. However, it’s worth noting that conventional loans have recently adjusted their rates for moderate-income, first-time buyers, thereby enhancing their competitiveness against FHA loans.
Loan Limit Variances Between FHA and Conventional Loans for First-Time Homebuyers
FHA loans are subject to lower borrowing limits, which might restrict purchasing higher-priced properties. On the other hand, conventional loans offer higher limits that vary regionally and adhere to Fannie Mae and Freddie Mac guidelines, the government-backed entities involved in mortgage trading.
Eligibility Criteria for Conventional and FHA Loans for Novice Homebuyers
FHA loans are generally more accessible, with less stringent requirements concerning debt-to-income ratios, income proof, and credit history. Conversely, conventional loans maintain more rigorous standards, potentially challenging for applicants with lower credit scores, higher debt ratios, or recent financial setbacks like bankruptcy or foreclosure.
Appraisal and Inspection Requirements for FHA vs. Conventional Loans for First-Time Buyers
FHA loans might be less appealing to sellers due to their stringent appraisal and inspection mandates, possibly hindering the closing process. In contrast, conventional loans often present fewer obstacles, potentially enhancing the buyer’s leverage in negotiations.
Additional Factors for FHA and Conventional Loans for New Homebuyers
It’s important to note that many condo developments might not qualify for FHA loans due to HOA certification requirements. Additionally, the minimum down payment for manufactured homes is 5%, which could make FHA loans a more attractive option for these property types.
In conclusion, the choice between an FHA and a conventional loan for first-time homebuyers hinges on individual financial situations, objectives, and preferences. It’s advisable to thoroughly assess the costs and advantages of each loan type before making a decision. Wishing you the best in your homebuying journey!
FHA vs Conventional: Detailed Loan Guide for Homebuyers
FHA vs Conventional Loans for First-Time Homebuyers
For first-time homebuyers, navigating between FHA and conventional loans can be complex. This guide delves into the specifics of each to inform your decision.
Property Condition Requirements: A Closer Look
FHA loans require properties to meet specific conditions related to safety and habitability, like addressing chipping paint, ensuring functioning kitchens and bathrooms, and fixing broken windows or water damage. Conventional loans, with less specific requirements, might require corrections for issues like peeling paint, roof damage, or deficiencies in mechanical systems if noted by an appraiser.
Non-Occupant Co-Borrowers: FHA vs Conventional Rules
FHA loans generally require non-occupant co-borrowers to be family members, with a maximum LTV of 96.5%. For conventional loans, the maximum LTV is 95% with co-borrowers on title, offering a slightly different approach in terms of flexibility and LTV limits.
Down Payment and Gift Funds: Understanding the Differences
The FHA requires a minimum 3.5% down payment, which must be from the borrower’s funds or a down payment assistance program. In contrast, conventional loans allow for the entire down payment to be gifted, providing more flexibility for first-time home buyers.
DTI and Housing Expense Ratios: FHA vs Conventional
FHA loans often allow higher DTI ratios, potentially as high as 57%, compared to a maximum of 49% for conventional loans. This difference can be crucial for borrowers balancing income and debt.
Cost Comparisons: FHA and Conventional Loans
FHA loans include a 1.75% upfront mortgage insurance fee, with ongoing insurance for loans with less than 10% down. Conventional loans, however, terminate mortgage insurance automatically when the LTV reaches 79%.
Interest Rates and Credit Scores: A Comparative Analysis
With FHA loans generally offering lower interest rates and being more accommodating of lower credit scores, they often present a more accessible option for first-time buyers, especially in high LTV scenarios.
Loan Limits: Understanding the Variations
FHA loan limits are set at 65% of conventional loan limits, affecting the maximum borrowing capacity. For example, if conventional loan limits are $766,550, the FHA limit would be around $498,257.
November 2023 Mortgage Trends: An Insight into Home Financing
As the year 2023 progresses, especially as of November, the mortgage industry has experienced significant shifts. These November 2023 mortgage trends have a profound impact on homebuyers, particularly those considering a substantial investment like a $400,000 loan.
25 Days Ago: Monthly payment was approximately $2,742.56.
5 Days Ago: Monthly payment was approximately $2,542.76.
Today: Monthly payment is approximately $2,490.51.
November 2023 Mortgage Rate Changes: A Closer Look
From 25 Days Ago to 5 Days Ago: Monthly payment decreased by approximately $199.80. From 5 Days Ago to Today: Monthly payment decreased by approximately $52.25.
Calculate your potential mortgage payments using our payment calculator.
Factors Influencing the November 2023 Mortgage Market
The recent decrease in the 10 Year Treasury Spread and 10-Year Close can be attributed to several strategic decisions and market responses. These include the Treasury Department’s issuance strategy and the Federal Reserve’s policy decisions…
Understanding the 2024 Colorado Conforming Loan Limits from FHFA
The Federal Housing Finance Agency (FHFA) plays a pivotal role in the U.S. housing market, particularly in setting the 2024 Colorado conforming loan limits. These limits are crucial as they dictate the maximum loan amounts for standard mortgages backed by government-sponsored enterprises like Fannie Mae and Freddie Mac. Learn more about Conforming Loan Limits from FHFA.
What are the 2024 Colorado Conforming Loan Limits from FHFA?
For 2024, the FHFA has set the conforming loan limit at $766,550, a 5.5% increase from 2023. This adjustment reflects changes in the average U.S. home price, allowing borrowers in areas like Colorado to access higher loan amounts under favorable terms. Start your mortgage application today.
High Balance Loans: A Closer Look
In high-cost areas, the conforming loan limits are stretched to accommodate the higher property values. For 2024, the high balance limit is set at $1,089,300. However, these loans often come with higher interest rates due to the increased lending risk. Get a home value estimate.
Metro Denver’s Unique Position
Metro Denver stands out with a conforming loan limit of $816,500 for 2024. Other high-cost counties in Colorado may experience even higher limits, reflecting the diverse real estate market within the state. Search homes for sale in Colorado.
Understanding Jumbo Loans
Loans exceeding the conforming limits are categorized as Jumbo Loans. These are significant for luxury properties or high-cost areas, requiring stringent borrowing criteria due to the absence of government backing. Use our payment calculator to explore options.
Act Now: Closing 2024 Loans in 2023
Interestingly, borrowers can close on these 2024 loan limits right now in 2023, offering a unique opportunity for those looking to invest in Colorado’s dynamic real estate market. Contact us for personalized assistance.
2024 Colorado Conforming Loan Limits Table
County Name
One-Unit Limit
Two-Unit Limit
Three-Unit Limit
Four-Unit Limit
ADAMS COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
ALAMOSA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
ARAPAHOE COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
ARCHULETA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
BACA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
BENT COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
BOULDER COUNTY
$856,750
$1,096,800
$1,325,800
$1,647,650
BROOMFIELD COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
CHAFFEE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
CHEYENNE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
CLEAR CREEK COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
CONEJOS COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
COSTILLA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
CROWLEY COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
CUSTER COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
DELTA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
DENVER COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
DOLORES COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
DOUGLAS COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
EAGLE COUNTY
$1,149,825
$1,472,250
$1,779,525
$2,211,600
ELBERT COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
EL PASO COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
FREMONT COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
GARFIELD COUNTY
$1,149,825
$1,472,250
$1,779,525
$2,211,600
GILPIN COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
GRAND COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
GUNNISON COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
HINSDALE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
HUERFANO COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
JACKSON COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
JEFFERSON COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
KIOWA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
KIT CARSON COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
LAKE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
LA PLATA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
LARIMER COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
LAS ANIMAS COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
LINCOLN COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
LOGAN COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
MESA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
MINERAL COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
MOFFAT COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
MONTEZUMA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
MONTROSE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
MORGAN COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
OTERO COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
OURAY COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
PARK COUNTY
$816,500
$1,045,250
$1,263,500
$1,570,200
PHILLIPS COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
PITKIN COUNTY
$1,149,825
$1,472,250
$1,779,525
$2,211,600
PROWERS COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
PUEBLO COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
RIO BLANCO COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
RIO GRANDE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
ROUTT COUNTY
$1,012,000
$1,295,550
$1,566,050
$1,946,200
SAGUACHE COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
SAN JUAN COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
SAN MIGUEL COUNTY
$994,750
$1,273,450
$1,539,350
$1,913,000
SEDGWICK COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
SUMMIT COUNTY
$1,006,250
$1,288,200
$1,557,150
$1,935,150
TELLER COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
WASHINGTON COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
WELD COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
YUMA COUNTY
$766,550
$981,500
$1,186,350
$1,474,400
How is high cost determined for 2024 Colorado Conforming Loan Limits
The Housing and Economic Recovery Act of 2008 (HERA) requires annual adjustments to the Federal Housing Finance Agency’s (FHFA) conforming loan limit (CLL) to reflect changes in the national average home price. Using the House Price Index (HPI), the FHFA’s 2024 CLL increase is calculated at 5.56%. HERA also establishes high-cost area limits, set at a percentage above the baseline. For 2024, the maximum high-cost area limit is $1,149,825, 150% of the baseline $766,550.
Conclusion
Understanding the 2024 Colorado FHFA Conforming Loan Limits is vital for anyone looking to navigate the real estate market, whether it’s opting for a standard, high balance, or jumbo loan.
