New Housing Bill Approved by Senate
It's not going to radically change the landscape of real estate here in Chicago but every little bit helps...
Here's what it might provide for you:
-15 billion in tax breaks to first time homebuyers. The $7,500 first-time homebuyers tax credit applies for homeowners who purchase between April 9,
2008 and July 1, 2009. The full amount of the credit also is
available for individuals with incomes under $75,000 or couples earning
less than $150,000.
-New conforming/conventional loan limits. A new cap of $625,500 on the loans Fannie Mae and Freddie Mac can buy
in certain high-priced areas, and a cap in other areas of up to 15
percent above the median home price.
If you have questions about the bill please give us a call or an email. We'd be happy to talk with you about it!