July 31st, 2008 12:24 PM

On July 30, 2008, President Bush signed into law a new housing reform bill designed to help stimulate the recovery of the housing industry.  NOW is the time to take advantage of existing home buying assistance programs before they expire later this year.

Two important changes are: 

1.  All government-sponsored zero down payment assistance programs are eliminated as of October 1, 2008.  To be eligible for these programs, all home loans would need to be approved by September 30, 2008.

2.  The minimum down payment for Federal Housing Administration (FHA) loans, the largest purchaser of mortgages in the United States, would increase from 3 percent to 3.5 percent.

In addition, the bill includes a government incentive program for first time homebuyers who close on their home by July 1, 2009. This benefit would be retroactive to April 9, 2008.

To find out about the program that works best for your personal home buying situation, we encourage you to visit a Sales Associate or contact us today.  It could make a big difference in fulfilling your new home dream.


Read More about this important legislation and what it means for you:

  ›  First-Time Home Buyer Tax Credit Fact Sheet [PDF]
  ›  Summary of the Housing Stimulus Legislation [PDF]
  ›  FederalHousingTaxCredit.com  

Please check back often. We will provide updates as they become available.

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