This is something to take notice of, we all have clients that may need or know someone who may need to take advantage of these programs pleas get on the phone with you clients and ask them if they are ready or do they know someone who is! This alone should help you create more oppurtnities to get additional business now!

Congress is working to pass a new housing reform bill to help stimulate the recovery of the housing industry. The House and Senate have reached an agreement on the omnibus Housing bill. The House has already voted it's approval on the final version and the Senate is expected to vote tomorrow with the President has lifted his veto and is expected to sign shortly thereafter (possibly early next week).

Before this formally goes into effect, NOW is the time to take advantage of programs that may be going away.  Two proposed changes are:

1. All government-sponsored payment assistance programs would be eliminated as of October 1, 2008. To be eligible for these programs, all loans 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 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 acted upon now, a first time homebuyer might qualify for an added benefit should the new law come to pass.

Given the number of people who have benefited from these programs in the past, I want to get this news out to you now so you can take advantage of these programs before the changes are enacted. If you or someone you know has been thinking about buying real estate, Now is the time to Act.  Not only will you be buying at the right time with discounted prices, but you can also take advantage of low interest rates and buying programs that may not be available next month.