The Federal Government's First Time Home Buyer Stimulus Package

It has never been tougher to own a home than in this economy, but the Federal Government is working to help first time home buyers. Offering new programs to and incentives to help you make your dream a reality.

The program is to get people to apply for home loans on pre owned homes or homes in the new construction phase. The homes that are in the construction phase alone will help many people get back to work.

There are three benefits to this program which include, Tax credits, down payment assistance, and lower interest rates.

The government started working on these programs in 2008. Trying change the outcome of the upcoming real crisis.

The upside is that a person buying a home between January 1,2009 and December 1, 2009 may qualify for a tax credit. The tax credit can be up to 10 percent, which in turn could be up to $8,000.00.
You can claim the credit the year you bought the home, or take the credit within the first two years which ever best for the buyer. To qualify for the tax credit your single person income cannot exceed $75,000, but joint ownership allows for $150,000.

The government may also be able to help with a reduced down payment. The typical down payment on a house is ten percent or more of the value of the home, which can a road block to many home buyers.

You may even qualify for these programs to create a source of income. Such rental or lease property. Maintenance on rentals properties is often tax deductible.

The government wants to help create economic growth. So with the First Time Buyers program you could stimulate growth, create jobs and best of all realize your dream of becoming a home owner.

For tips and facts about how you can benefit from Obama's Stimulus Package - or to find out if you qualify, visit our no nonsense home buyer stimulus guide: First Time Home Buyer Stimulus.