Park City Mortgage Tips

Getting a loan for a Condohotel is very difficult in this current economic climate.  Not all condos are challenging but Condohotels which are condos with a front desk are a major challenge these days.  I am finding that there are some loans available but that the interest rates are very high and in the range of about 8% to 9%.  I find this really suprises buyers who see some very low interest rates being advertised by banks.   Banks not only look at the buyer but they also look at the type of property that the buyer wants to purchase.  Banks look at condohotels as a high risk property.  

If you are looking to get a good deal on a condo in Park City and plan on getting a loan to purchase a condo, then you really need to consider what type of a condo it

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Great News! New Federal Conforming Loan Limit for Summit County  $729,750  Effective April 1, 2008 through December 31, 2008 Jumbo Loans are getting harder and harder to do these days with the limited liquidity and more stringent guidelines for lenders. Stated Income loans are just about gone.Credit requirements continue to go up. This is a chance to get into the home you want at the best rates possible. This can save buyers/borrowers $$ Thousands $$ of dollars per year. The new conforming loans are available for: 

• Stated Income to 90% LTV
• 100% financing to $729,750
• Limited review appraisals
• Rates as low as 5.50%
• Lower Credit Requirements
• Higher Qualifying Ratios allowed
• Automated Underwriting and Faster Approvals! 
• Karen Scott

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I would like to introduce you to a great Park City Utah Mortgage Lender, Karen Scott at Crescent Mortgage. She will periodically write informative blog posts here on my Park City Real Estate Blog regarding Mortgage Information. I have had the opportunity to work with Karen on several mortgages and really enjoy working with her. She truly looks out for my buyer client's best interests first. I always recommend with my buyer clients who are planning to purchase real estate in the Park City area to get pre-qualified for a mortgage.  It can make you look so much more attractive when submitting an offer which in turn can help you in negotiating for the best possible price.  Contact Karen at 435-901-1026.

President Bush is expected to sign the highly anticipated stimulus package. The plan now includes rebate checks for 100 million Americans and will also raise conforming loan limits in some areas for Freddie Mac, Fannie Mae, and FHA loans. Several things must occur before applications with the higher loan amounts can be accepted by any lender:

1. The internal impacts to Freddie, Fannie and FHA must be assessed to determine the delivery approach to mortgage lenders.
2. Freddie, Fannie and FHA must communicate their requirements to mortgage lenders.

HUD has 30 days from the final passage of the legislation to provide their official loan limits for all areas.  Please note that the increases are a temporary solution for some high-cost areas.  The higher…