Jumbo Loan Rates are Coming Down
The recent credit crunch stalled plans for a lot of Steamboat Springs home buyers who could no longer qualify for a mortgage or who put off purchasing a new home when they saw the higher interest rates for jumbo loans. Jumbo loans–loans for more than $417,000 that do not meet terms and conditions set forth by Fannie Mae and Freddie Mac–jumped almost a point higher than conventional loans.
Today there was good news as the cost of jumbo loan rates went down. They no longer cost a lot more than a “conforming” loan of less than $417,000. They are still priced higher than conventional loans, but if you are a home buyer with good credit who walked away from a home when you saw your payments shoot up in the fall, call your mortgage broker for a quote.
Posted: January 17th, 2008 under Financing.
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