The new FHA loan limits have been announced for the Colorado Springs area, we are now looking at a loan limit of $325,000. This considerably expands purchasing power for those who are down payment constrained, because FHA only requires 3% down. FHA underwriting guidelines have historically been a bit easier to work with as well, the only downside being that that FHA appraisals have been a little pickier on things like pealing paint and other cosmetics. Many bank owned properties will probably NOT be eligible for FHA because of this. I happen to have a couple of listings at that $325,000 mark, as well as one at the $230,000 mark (the old limit was actually $250,000 I believe), so if you visit my web site, you can see the difference in the kind of home that can be financed with FHA.
Don't forget to set you clocks ahead this weekend. It has been pretty light out in the morning these days, and with the time change it will make it a bit easier to show property after people get off work in the afternoon.