An article from the Denver Business Journal, reports that according to Denver-area residential real estate experts, jumbo mortgages used to buy high-end homes aren’t going away in Colorado because of the worsened credit crunch, but they may be harder and more expensive to get. Jumbo mortgages are home loans that are higher than conventional mortgages guaranteed by federally chartered guarantors, such as Fannie Mae and Freddie Mac. Leeann Iacino, president of Prestige Real Estate Group LLC of Englewood said, “It’s really been in the last year, when the subprime market went in the tank and the economy went in the tank, that jumbos were really affected. They’re not going away; they’re just more [difficult] to get.” Ken Bayern, president of jumbo-loan specialist Principle Lending Group of Englewood thinks the proposed government bailout of troubled financial companies will ultimately help jumbo loans. He said, "Once the bailout gets past the Congress and is voted in, hopefully the market will react favorably. They’re trying to appease Wall Street and Main Street.” Edie Marks at Kentwood Cos.’ Denver Tech Center branch said, "It’s never been hard, and still isn’t, for good, qualified buyers to get financing. … The high-end market is doing better already than it was a few weeks ago.”
http://denver.bizjournals.com/denver/stories/2008/09/29/story6.html?b=1222660800^1706004&brthrs=1
http://denver.bizjournals.com/denver/stories/2008/09/29/story6.html?b=1222660800^1706004&brthrs=1
