Steamboat Springs, CO Real Estate and Community Blog

Anyone in the market for Steamboat Springs real estate knows that Steamboat real estate loans are harder to get than they were in the easy credit days.

Here are a few guidelines about the changes:

Steamboat condotels are harder to finance and have higher rates than traditional condominiums. Some things that flag a property as a condotel are:

• nightly rentals,
• a front desk for guests to check in,
• an inside hallway to get to your unit

Fractional properties also are harder to finance and have higher rates. If you are looking to purchase a fractional, you should consider a home equity loan on your primary residence. Cash also works well.

To get financing, lenders are requiring more documentation. Stated loans are harder to get.

Give lenders lots of time to get your loan approved. 45 days is now a minimum to finance Steamboat real estate.

Appraisals are tougher. As prices drop around the country, lenders are interested in seeing recent sales. Some lenders would rather see a recent sale than a comparable but older sale.

100% financing is still available, but those that want it probably can’t get it, and those that can get it probably don’t want it.

Routt County real estate can be financed up to $675,000 before jumbo rates kick in.

Credit scores:

• 620 and below—Time to pay your bills on time, every time, and start saving
• 650-720—okay Not a slam-dunk
• 720-780—good
• 780-850—Excellent