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If you have been following the Real Estate market over the past couple months, you have probably read about the Government's Housing and Economic Recovery Act.  What you probably don't know is that through the Housing and Economic Recovery Act many down payment assistance programs, such as Nehemia, were eliminated.  These programs allowed buyers, mainly first time home buyers to purchase a home with little or no money down through FHA insured government loans.
Buyers will only have until October 1^st, 2008 to purchase a home under these down payment assistance programs before they will be outlawed. Under the new legislation borrowers will be required to fund the down payment amount with either their own assets or a gift from immediate family members.
On a bright note, however, one of the provisions in the act allows buyers to receive a tax credit of up to $7,500 on homes purchased between April 9^th, 2008 and July 1^st 2009. The credit does have to be repaid, but will remain interest free for the life of the loan.