Financing Steamboat Springs Condos can be challenging, especially if the development you want to purchase is considered a “condotel”. Mortgage lenders Holly Rogers and Kathryn Pedersen from Yampa Valley Bank wrote this blog about financing Steamboat Condominiums: Every time we submit a loan to our investors, we need to provide a homeowners association checklist. This …
Being a cash buyer of a Steamboat Springs condo is simple. But what about buyers who want to take advantage of low prices and low interest rates and finance their condo? Oh boy things can get complicated real quick. The reality of today’s market is that the condominium development has to get approved before the …
Buyers looking to purchase a Steamboat Springs are sometimes surprised to find conventional financing can be challenging at some condo developments. These buyers generally have high credit scores, money in the bank, and have no problem qualifying for conventional loans. The issue is with the condominium development–not the borrower. Government-backed loans currently make up over …
One of the reasons the Steamboat condo market–and all resort markets nationwide–is still a challenge is because Fannie Mae guidelines have made getting a condo loan nearly impossible for many Steamboat condo developments. Lenders won’t finance anything that doesn’t meet those guidelines, so condos with front desks, nightly rentals, more than 50% of the development …