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Housing Stimulus Package

Congress has been working over the last several months to pass a housing stimulus package that will alleviate some pain for home buyers and sellers in the DC Metro area and the rest of the US. It now appears that they are getting close to a vote on the final bill which could happen in the next day or so with the President signing it into law shortly thereafter. ***Update: President Bush signed off on the 2008 Housing Stimulus Bill on July 30, 2008! I wanted to make you all aware of a few of the major provisions of the bill that may directly affect you.

  • First Time Homebuyer Tax Credit: What Congress is currently calling a tax credit of $7,500 will be available to all first time home buyers (or buyers who have not owned a home in the last 3 years) who close(d) on their new home between April 9, 2008 and July 1, 2009. The proposed credit is in essence, an interest free loan that is payable back to the government over the subsequent 15 years at $500 per year. Obviously the main beneficiaries of this provision are the first time home buyers.
  • Seller Funded Down Payment Assistance Programs (ie. Zero Down, AmeriDream, “100% Financing”. Nehemiah, etc): Any down payment assistance program involving sellers or interested third parties will be terminated on October 1, 2008. This means that buyer loan approvals need to be completed on or before September 30, 2008 to be eligible for any currently existing down payment assistance programs. If you assume a 30-45 day loan approval period that means this program will only be available for sales prior to August 15th or shortly thereafter.
  • FHA Cash Down Payment Requirement: The new minimum cash down payment proposed in the bill is 3.5% raised from 3.0%. This provision will take effect immediately upon enactment of the Bill. This means that any home sale subsequent to the signing of the bill will require a minimum down payment of 3.5%.

What does all this mean? It’s time to take advantage of these programs before they’re gone. If you’re in the market to purchase a home in Northern Virginia or Washington DC, there is no sign bigger than this: “THIS IS THE TIME TO BUY!”

Contact us at 1-888-998-9455 for top-notch buyer representation on your new home purchase!

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