Buyers of single-family homes and condominiums around the country could start benefiting from lower interest rates. The decline in interest rates on certain types of loans is the first sign of the help that Congress hoped would trickle through the market to potential buyers across the country.
The main issue that kept loans on many mortgages high was the inability of Fannie May and Freddie Mac to back mortgages for more than $417,000. However, that number moved up to as much as $729,750 in many areas around the country that were determined to be high cost regions.
However, while buyers in New Jersey can take advantage of a loan backed by Fannie May up to $729,750, no county in the state of Illinois or Indiana were not included in the list. This could result in even lower sales of more expensive single-family homes across the Chicagoland region.
Congress will have a lot of explaining to do when it comes time to explain why some high cost areas were left off of the list. In the meantime, buyers that can qualify for a mortgage can take advantage of a lot of great deals on Chicago Homes For Sale.
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