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Parts of Jefferson County, WV, are considered a high cost area under the new loan limits issued just before Christmas for mortgages insured by the Federal Housing Administration. Effective Jan. 1, the new FHA "ceiling" in high cost areas is 87 percent of the limit on loans which can be purchased by Freddie Mac. The Freddie Mac/Fannie Mae conventional loan limit rose to $359,650, also on Jan. 1. In most of the nation's 3,300 other jurisdictions, the FHA "floor" is $172,632. But in about 530 places, the FHA maximum is somewhere in between $172,632 and $359,650. The new limits already are the subject of controversy. For example, some Chicago area lenders already are grumbling that Jefferson County, a distant Washington area jurisdiction at best, is considered a high-cost area but Cook County, Ill., is not. The law also allows for exceptions. For example, it says the limit cannot exceed 87 percent of the Freddie Mac ceiling, nor can it be lower than 48 percent of the Freddie maximum. Consequently, areas where 95 percent of the median is less than 48 percent of the Freddie limit use the floor, or $172,632, as their maximum, and areas where 95 percent of median exceeds 87 percent use the ceiling, or $312,895, as their maximum. Areas where 95 percent of median is between the floor and the ceiling -- such as Cook County -- use the 95 percent figure. "Given the stresses of everyday
life and the increasing speed at which our lives unfold, it seems we are in pursuit
of security, stability and nurturing surroundings," said Anthony Vidergauz,
President. "California Closets believes our customers are seeking a deeper
experience in the home, and are to be afforded the greatest dignity and honor when
exploring and discovering what it is that will bring a sense of harmony and order to
their lives." Other items used or placed in a mud room can help create an
intimate, cozy feeling while enhancing style, organization and comfort. They include,
but are not limited to: * Tile flooring for easier care and greater durability. *
Recreation-type lockers for storage of dry clothes after swimming or snow related
activities. * A chair or stool for easier removal of rainwear or boots. * Tables with
drawers or bookshelves. * Storage furniture like an ottoman, armoire or bedside chest
to stash lifestyle-related items. * Wall hooks for coats, hats or sports gear. *
Washers and dryers. * A stand-alone shower. As the old saying goes, "You can
never have too much storage space." With today's modern amenities and
technological advances, homes can have mud rooms that offer Americans with active
lifestyles space that brings more convenience, style and innovation to the home. |