Jumbo loans are once again available for higher-end home purchases.
For quite some time, jumbo financing has been virtually non-existent, contributing to the difficulty of selling properties priced outside of conventional loan limits.
Jumbo mortgages are those with loan amounts greater than the current conforming limit of $417,000 for a single family residence in Madera County. In 2007, lenders mostly discontinued these programs as thousands of jumbo mortgages went into default. That year 16 residential homes greater than $417,000 sold at Bass Lake. Since then the number has steadily declined.
Since prices on higher-end homes have dropped considerably, this spring may be an excellent time to purchase a vacation home at the lake. Financing options include programs for second homes and condos as well as for primary residences.
Contact one of your Bass Lake Realty REALTORS® for information on current listings that may qualify for jumbo financing.