The month of March is typically when a lot of out of town skiers descend upon Steamboat Springs during their spring breaks to take advantage of our Champagne Powder. Now that the ski mountain is closed, and we are officially in our “mud season”, it is time for the locals of Steamboat to take their spring break. The few visitors that are in town right now are wondering where the heck everyone has gone- and why are so many restaurants closed? But never fear, all will be back to normal before you know it. For those of you lucky enough to get away this week – have a fantastic time!
There is great news for those of you looking to purchase real estate with a USDA loan! Today marks the increase of their income limits – (for households between 1-4 people, it is now $92,000 and for households of 4-8, it is now $121,450). This is an increase of $31,000 for a household of 1-4.
Here are some quick facts on USDA loans, as provided by Kathryn Pederson of Yampa Valley Bank:
100% financing
No mortgage insurance
30 year fixed rate loan with no pre-payment penalty
Great rates!
2% fee paid directly to the USDA can be financed (102% financing)
Most condos are acceptable
30-60 day closings are typical
Do not have to be a first time homebuyer
Please let us know if you have any questions about buying real estate in Steamboat Springs . And for those of you who have been taking Susana’s “Be a Savvy Buyer” class, (or for those of you who would like to join the last two classes), don’t forget we are skipping this week for spring break and will be resuming class next Monday, the 27th at 6:00 p.m. Please call Kristin at 970-819-8726 for details.
