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First Time Home Buyers

By
Real Estate Agent with The Lee Tessier Team

With the new laws that the president approved for First Time Home Buyers is great to have the new $7,500 Tax credit, but we stll need Ameridream and Neiahmiah to get these buyers into a loan without large downpayment. The new laws that go in effect on October 1st,2008 now changes the down payment amounts that these buyers will need. The FHA requirements are going from 3% down payment to 3.5%. This does not sound like a lot but .5% difference on a $200,000 loan is an additional $1,000 out of pocket expense. Also the sellers could assist a pay this 3% but now with the new laws this is no longer possible. We as buyers, sellers, Realtors, Loan Officers need to do everything that we can to get this bill over turned!!