Friday, September 30, 2011
Congress has failed to extend the FHA and GSE mortgage loan limits. On Oct. 1, those limits will decline in 669 counties in 42 states. The new limits will be equal to 115% of local area median home price (from 125%). The high cost cap will fall from $729,750 to $625,500. NAR will continue to work with Congress to attempt to restore the higher limits as quickly as possible. In Routt County, which includes the Steamboat Springs Real Estate market, the loan limits will fall from $675,000 to $625,500.