Congress is currently working to pass a new housing reform bill to help stimulate the recovery of the housing industry. Before this formally goes into effect, NOW is the time to take advantage of existing home buying assistance programs that may be going away.

Two proposed changes are:

1. All government-sponsored zero-down-payment assistance programs would be 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.

Although these changes are not final, they are highly likely to happen. Given the number of homeowners who have benefited from these programs in the past, we wanted to get this news out to you now so you can take advantage of these programs before the changes are enacted.

In addition, the proposed 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, so if you act now, you might qualify for an added benefit should the new law come to pass.

To find out about the program that works best for your personal home-buying situation, call me today at 770-374-4667. It could make a big difference in fulfilling your new home dream.