Loan limits Extended- Jumbo mess averted
Jumbo loans, those in excess of 417,000 (in most of the country) currently make up about 5% of the mortgage market. But here in Steamboat Springs where prices of real estate are much higher, the amount of jumbo loans is much higher too. Congress recently extended the policy which dictates the loan amounts that fall within a certain category.
Conforming loans – loan under $417,000
Conforming Jumbos – loans $417,000 to $675,000
Jumbo – loans above 675,000
On September 30 these amounts could have changed. They could have been reduced by a substantial amount. But congress extended the policy.
What does this mean? It means the Steamboat Springs real estate market will continue a slow recovery. But had it not been extended, things would have been a lot worse. Limits would have been lower and hence interest rates would be much higher. Thus, making an affordable home less affordable.
For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: firstname.lastname@example.org. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.