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.
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