Breaking News!!!

Congress just Passed a New Housing Bill that could really help buyers, but there is both a carrot and a stick attached.

First the Carrot...The bill provides for up to a $7,500 tax credit for First Time Home Buyers that can produce some very nice tax refunds..

Now the Stick...The 3rd party down payment assistance that we were using to create 100% financing with FHA loans will be going away as of October 1, 2008...

That doesn't completely rule out all 100% financing...For people in areas that qualify for rural financing that make under 115% of the average gross income might still be able to get 100% financing and it is always worth a look.

However, for the vast majority of buyers a closing date of October 1, 2008 is the last date for 100% financing options. Which would mean a signed contract no later than September 1, 2008...