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 Living Room Realty a call at 312.226.3020. They’d be happy to talk with you about it!

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