Congress Passes Housing Bill of 2008

The media is so strange – I keep hearing about how the President didn’t want to sign this housing rescue bill and all that drama, but I haven’t heard much about exactly what details are in the bill. The National Association of Realtors has a good summary on their website, although CNN’s article might be a little easier to read for those not in the industry. The main aspects that will affect my clients and business are the FHA loan downpayment requirement going from 3% to 3.5%, the seller-funded downpayment assistance programs, and the homebuyer tax credit. The Wikipedia entry on the Housing and Economic Recovery Act of 2008 is the most thorough explanation of the tax credit I could find.