First-Time Denver Homebuyers Should Act Quickly in Response to New Housing Bill!
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Calling all first-time Denver homebuyers – it simply is a great time to buy your first home! Since President Bush just signed the far-reaching housing bill, H.R. 3221, into law, TeamCox Realtors wanted to notify our prospective homebuyers of the changes that will take effect on October 1, 2008. Some of the highlights include:
There will be a ban on down-payment assistance from sellers for all FHA loans. This means that if you are pre-approved to purchase a home through a down payment assistance program, such as the Nehemiah Program, you will need to act quickly to purchase a home before October 1st.
- The required down payment for FHA loans will also increase from 3% to 3.5%.
- There is a new $7500 homebuyer tax credit that is available for any qualified purchase between April 8, 2008 and June 30, 2009. The credit is repayable over 15 years, which makes it in effect, an interest-free loan.
Please click here to read more about the changes in store for homebuyers. For more information on how the new law will affect you, please contact us at 303-400-6060. TeamCox , Denver real estate specialists, would love to help you find your dream home.
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