ON THE FENCE ABOUT LOOKING FOR A HOME WITH A MORTGAGE OVER $417K? A LOT OF PEOPLE SHOPPING IN THE DURANGO, COLORADO AREA MIGHT EXPERIENCE ANGST OVER GETTING FINANCING FOR THE RETIREMENT HOME, RESORT HOME, or RANCH that they really would like to have. While Durango's real estate values have NOT cratered overall, there are great buys in all price categories, and many prime properties that are "great deals" that are over $500k. Why? Mountain resort towns don't have a lot of land left! Things built are in prime locations and become more desireable as the population expands; naturally, and by people moving into the area.
Right now, Durango's market has a lot of "pent up demand" from folks looking to move, but having to sell something first, or awaiting a cash payment from something before they buy. Looking at getting a good reak estate deal might mean acting sooner, versus later. I spoke to two local lenders that are ready and willing to lend to those who are
1. well qualified with jobs, documented income, and credit scores;
2. have a downpayment as required by the loan structure.
These lenders are making JUMBO LOANS,(either a single or two loans over $417k) with INTEREST RATES COMPETITIVE WITH CONFORMING LOANS. Yes, it can be done.
Many of the best buys in Durango and Bayfield Colorado areas are over $500k- so if this suits your needs and wallets, don't be afraid to look. For two prime examples, check out my listings at http://www.horizondurango.com/611979/customhome.html, and http://www.horizondurango.com/614589/countryfeel.html . You can contact me at marlene@horizondurango.com for more information
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