New FHA Guidelines...Listen Up Fence Sitters-IT IS TIME TO BUY!

Okay, so the House and the Senate have both passed the Housing Bill and it is just waiting for the Presidents Signature.

The signature will happen this week and is just formality as he said last week he will.

Here are the touch points:

NEW DEAL: Immediate relief for those people impacted by impending Foreclosure.

IMPACT: Less Foreclosed homes in the market place, which will lower the supply allowing more people to sell their home at current market value---NOT the deflated market value created by the high amount of Foreclosures in the market. Basic supply vs. demand principle here.

NEW DEAL: Down Payment Assistance Programs WILL BE BANNED.

IMPACT: If you have a DESIRE to own a new home, and HOPE to NOT be putting at least 3.5% of your own money into the sale, YOU MUST BUY NOW!! The Down Payment Gift Programs like Nehemiah, Genesis, and Ameridream will Officially Disappear on 10/1/2008.

To STILL qualify for a NO MONEY Loan, you MUST have a VALID Home Purchase Contract, An Approved FHA Loan, and an FHA Case number Attached.

This means:

1. BUY A HOME,


2. FILL OUT A LOAN APP,


3. SUBMIT ALL PAPERWORK for the loan BEFORE 10/1/2008.

NEW DEAL: Tax Credit for First Time Home Buyers.

IMPACT: First Time Home Buyers WILL be Eligible for a TAX CREDIT of 10% of the NEW Home Purchase or a TOTAL NOT TO EXCEED $7,500.

This Tax Credit is really more of an upfront loan as it WILL be required to be paid back in equal installments over the course of the next 15 Years. It will be taken out of your Tax return Check each year, so in most cases it won't be necessary to actually write a check.

Still a good scenario to provide an Immediate Boost to help First Time Home Buyers budget with their NEW Home Investment.

A First Time Buyer is Classified as NOT having any ownership benefit over the course of the last 3 consecutive years.

There are other details involved in the NEW Housing Bill, but these are the 3 MOST Impactful items to Affect YOU.

THE TIME IS NOW FIRST TIME BUYERS! If you are undecided about a home, but desire to make a purchase, the COST of WAITING just got a bit higher.

Curt Fletcher is a Real Estate Expert, New Home Sales Professional, Published Author of the book, "How To Sell More Homes and Increase Your Income," Sales Trainer, and Professional Speaker that focuses on improving your Likeability to increase your Opportunities for Success!