According to a HUD news release, “The Economic Stimulus Act of 2008 will allow HUD’s Federal Housing Administration (FHA) to temporarily increase its loan limits and insure larger mortgages at a more affordable price in high cost areas of the country.”
Unless Congress decides to make these changes permanent, the levels will drop back to their previous setting in January 2009. Now, I know what you are all thinking, “Are there really homes in Wheaton and Glen Ellyn under $410,000?” And the answer is YES!
- Wheaton currently has 163 single family homes and 115 condo/townhouses on the market.
- Glen Ellyn currently has 130 single family homes and 120 condo/townhouses on the market.
This isn’t just good news for buyers, but sellers as well. If you own a home valued around $410,000 and you are looking to move up, the government has made it a little easier for buyers to qualify for a mortgage.