A sizable increase in key mortgage limits was announced Thursday. Fannie Mae and Freddie Mac, the quasi-governmental companies that underwrite the majority of the nation’s home loans, are now offering "conventional" mortgages well above the $417,000 previous limits – all the way up to over $715,000 in some counties around the USA. This basically means buyers of pricier homes will no longer be dependent on jumbo loans, which carry higher interest rates and increase buyers’ house payments.
But, here in Gunnison County, the average median price of ALL of our real estate – from Gunnison to Crested Butte is not high enough for our community to qualify for the higher loan limits. Buyers who live in affluent areas like Seattle, San Francisco or places like Aspen Colorado will be able to take advantage of these big loan limit increases!
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