Mortgage Limits Raised to $675,000

Economic Stimulus Package makes waves in Routt County
In addition to all the good news created by Mother Nature and Old Man Winter, the Federal Government is now getting their chance to make headlines in Steamboat Springs.

As part of the new Economic Stimulus Package, the size of loans that the Federal Housing Authority (FHA) can secure was raised by the Department of Housing and Urban Development (HUD) in select markets nationwide.

Routt County, Colorado has been designated as one of these emerging national markets, due in part to Steamboat's rapidly increasing housing costs.

The result means that conforming loans insured by Fannie Mae and Freddie Mac can now be as high as $675,000 for property in Steamboat Springs. This is an increase of more than 60% in loan amounts, when compared to the previous conforming loan limit of $417,000.

Steamboat property owners who have been either (1) paying premium interest rates for jumbo loan amounts, or (2) paying off a first loan for $417,000 plus a second ARM for the additional property costs can now take advantage of significantly lower financing arrangements on a single conforming loan.