RobertRange.com: Reno and Sparks Real Estate, Short Sales and Foreclosures

On July 30th President Bush signed H.R. 3221 Housing and Economic Recovery Act of 2008 into law.  A portion of this bill will eliminate downpayment assistance (DPA) programs with FHA-insured loans.  If you are thinking of buying a home but will need help with a down payment, it might be time to seriously consider getting into contract prior to to October 1st.  You must be credit approved with a property by October 1st to still receive this assistance. FHA is also raising the down payment requirement from 3% to 3.5% starting Oct 1st .