Temporary increase in lending limits!
Great news! Per the economic stimulus package lending limits will be temporarily increased and can be offered through Wells Fargo Home Mortgage on Monday, March 17, 2008.
Please keep in mind lending limit increases are based on the specific market. For example, the new temporary limit for FHA for Douglas and Arapahoe Counties is $406,250 for a 1 unit residence whereas Chaffee County is $280,000 for the same thing.
Although I have not tried every county in CO for Fannie/Freddie loan limits (conventional), I do not see that these have increased at all and appear to remain at a $417k limit.
To check yourself, visit the HUD website at:
https://entp.hud.gov/idapp/html/hicostlook.cfm
Please make sure you enter the state, county, and limit type (ie, FHA or Fannie/Freddie) in order to get the correct limit.
These changes do not effect whether the county is in a decling market or not, so declining market areas are still subject to any loan to value changes depending on loan type. FHA and VA loans do NOT currently have any changes for declining markets.