Routt County Conforming Loans Increase to $675,000
Interested in financing a Steamboat Springs, Colorado ski condo or second home? Financing terms just got better for Steamboat real estate buyers who need larger loans.
Fannie Mae and Freddie Mac have responded to the sub-prime crisis by temporarily increasing jumbo conforming loan limits. Routt County, Colorado, conforming loan limits have increased to $675,000 for loans originating from July 1, 2007 through December 31, 2008. (Note the July date–if you got a loan six months ago, you qualify.)
Maximum temporary loans are calculated at 1.25 times the median house price in Routt County, Colorado.
Even though the loan limits have increased to $675,000 in Steamboat Springs and Routt County, there has been no pricing or other guidelines. Mortgage brokers aren’t quite sure what rates will be or what it will take to qualify. I’m sure answers will be forthcoming and people looking to buy Steamboat real estate this year will see better terms for larger loans.
Loan limits on 2-4 unit properties have also increased.
Posted: March 13th, 2008 under Financing.
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