This is one in a series of community profiles and a look at how the real estate market is holding up in the community.

Wheaton Illinois, a suburb 25 miles west of Chicago, has a population of 55,000 people and is the county seat of Dupage County. Wheaton is known as the City of Churches, and there are over 60 churches inside its city limits. It is also home to Wheaton College, a top ranked Evangelical Christian college. Wheaton was a dry city up until 1985, not allowing any liquor sales within the city at all. This changed when the Danada Shopping complex was being built, as a way to attract more national restaurants. Wheaton still has a small town feel, and a charming down town with shops to fit every need. Wheaton has been listed as one of the best towns to raise a family, and it is known for the quality of its schools.

Wheaton real estate covers nearly every price point. You can buy starter condos and affordable single family homes, mid priced homes, executive homes priced in the millions. The current average listing price for Wheaton homes is about $430,000, and the average sale price in August 2009 was $300,000. Like most of the area, a good part of the market is now made up of foreclosed properties and short sales. First time home buyers are the most active buyers and the lower tiered homes make up the bulk of the sales now.

Wheaton mortgage financing has traditionally been made up of mostly conventional and with some jumbo and FHA mortgages. Now that the FHA loan limit has been raised to $410,000, Wheaton mortgage rates are made up mostly of a combination of conventional mortgage loans and Wheaton FHA loans. Wheaton Jumbo Loans are also readily available. Wheaton home loans are always in demand, and as a Wheaton area mortgage lender, I can help you find the financing package that is best for you.

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