Federal Government Offering Assistance to First Time Home Buyers in Obama's New Stimulus Package!

If you are looking to buy your first home or haven't owned one in three years then you qualify for the incentives provided by the new stimulus package. In case you weren't aware, there are three main forms of assistance that the government wants to give you just for buying your first home.It all starts out with the tax credits that you can apply for. There are 8000 dollars worth that you can file for either the present tax year, or for two subsequent years. This is providing that your sole income is not more than $75,000, and if you are buying the house jointly with another person, the two incomes combined cannot be more than $150,000. This tax credit can be used in a lot of ways and will make a huge difference when you file your taxes.The second incentive is the down payment assistance that the government offers. Normally the down payment would be ten percent of the cost of the house that would be coming out of your pocket. The government will help you with this payment.There is a third point to this as well. As you know, interest on mortgages can throw the balance right up into the air. Obama wants to ease the pressure of the interest rate, so he is lowering it for you. If you calculate just how much this will save you in the end, it amounts to thousands of dollars. This is all because Obama wants to start rebuilding the housing market. It's a great opportunity for you to fulfill your dream of having your own home.