I don't know how many of you are aware of the temporary loan increase created by the Economic Stimulas Act of 2008? If you are unaware of the recent changes, well, now you'll know whats going on...

Effective March 6, 2008 HUD (US Department of Housing and Urban Development), started offering temporary FHA loan limit increases across the county. As you can see in the above diagram the (One Family) or (single family) loan limit in Kendall County, Illinois is now $410,000.

This is a huge improvement over the standard mortgage limit that the County was previously under. If you look at the diagram and find "The current basic standard mortgage limits of FHA insured loans" you will see that the old limit set for the county was $271,050. You might be able to purchase a nice single family home in today's market for under $271,050, but as soon as the market gets it's legs back...the old standard of $271,050 will fall a little short in offering you a finance option.

The Economic Stimulus Act of 2008 will end December 31, 2008. Loan limits will reset across the country to the old standard's that were once in place, unless the U.S. Congress approves bipartisan legislation to permanently increase loan limits as a part to the FHA Modernization bill, which is awaiting final approval on Capitol Hill.

P.S.  You can email me with any of your FHA or Conventional financing questions. 

Thank you,

Tino Muratore