On July 30, 2008, President Bush signed the new Housing Bill designed to stimulate the housing industry into law. It provides several key changes that will help make the dreams of a new home even more attainable. Now is the time to take full advantage of existing home buying assistance programs before they expire.

1. Down Payment Assistance Is Going Away
   Currently Zero ($0) Down Payment Assistance Programs offer the ability for buyers to obtain part or all of the needed proceeds for a new home's down payment. All government-sponsored Down Payment Assistance (DPA) programs will be eliminated as of October 1, 2008. To be eligible for current DPA programs, your home loan must close by August 31, 2008.
   
   
2. You May Qualify For a $7,500 Tax Credit
   The new housing law includes a government incentive program for first-time homebuyers (or buyers who have not owned a home in the past 3 years) who close on their home by July 1, 2009. This valuable tax credit is refundable. Find out how Oster Homes can use the $7,500 tax credit towards your down payment.
   
   
3. Down Payment Requirements Will Increase After Oct. 1st
   The housing bill increases the required minimum down payment for FHA loans from 3% to 3.5%. Learn more about the Housing Bill.
   
   

• First-Time Home Buyer Tax Credit Fact Sheet
• Summary of the Housing Stimulus Legislation
• Frequently Asked Questions