Archives for February 2008

CONFORMING LOAN LIMITS GOING UP UP UP…HOPEFULLY

The US Congress passed a stimulus package.  We all need stimulation right now. 
Regarding the mortgage industry, one item stands out.  If the President signs the bill, there is a good possiblity that the conforming loan limits will increase.
It is estimated that conforming loan limits for 1 unit properties will go from the current $417,000 to (an […]

12 February 2008 | First Time Homebuyers, Fixed Rate/ARM, Programs, Interest Rate | No Comments

BUYING A HOME IN CHICAGO JUST GOT MORE EXPENSIVE

Supposedly we are on the verge of a recession, homes are taking longer to sell, and everyone is…well…nervous.
So what does the Chicago City Counsil do? Increase the tax stamp, to the buyer, for buying a home!
What used to be $7.50 per $1,000 just increased to $10.50 per $1,000.
So a home that costs $300,000 currently carries a tax […]

7 February 2008 | First Time Homebuyers, Closing Costs, Pre-Approval, Good Faith Estimate, Chicago Stuff | 1 Comment