President Obama’s First Time Home Buyer Stimulus Package Are You Eligible?}

President Obama’s First Time Home Buyer Stimulus Package – Are You Eligible?

by

Bryan Hendersen

President Obama has created a home buyer stimulus program for people who were hesitant to purchase a house after the economic downturn of late 2008. With recession looming people who had planned to buy were afraid to do so when they saw their money and jobs in jeopardy. For the year 2009 the Obama administration has signed into existence a plan to rescue home buyers from themselves and offer them affordable loans thus making it possible for them to buy. But even with that help, people have been hesitant to go too far into debt because of the uncertainty of the economy.

A first-time home buyer must be especially careful at this time because of the number of companies, both reputable and corrupt, who are trying to get their piece of the financial pie by offering loans that may be too good to be true. The fact is the current financial climate does not lend itself to carelessness in the marketplace. People are rightfully concerned about getting in over their heads. These are the people the President Obama’s administration wants to encourage and the first time home buyer stimulus is an effort in that direction.

The government program offers first time home buyers both lower interest rates and longer loan terms to make it possible for them to live out those dreams of home ownership that they had put on hold.

Besides the obvious benefits of lower interest rates the government is also offering tax credits for first time home buyers who acquire a home between January 1st and December 31st of 2009. The tax credit could be as much as $8,000 or 10 percent of the purchase price of the home. By offering this credit, new home owners will have a financial boost which might allow them to buy furniture and home furnishings. The belief is that people with lower house payments and money left over at the end of the month will spend it. This will, in turn, stimulate the economy when these surpluses are put back into the marketplace. The end result will be that if more money is spent on goods and services more people will be able to keep their jobs.

This stimulus program for first time home buyers has one additional provision involving income limits for people taking advantage of the program. By doing this, those in lower income brackets may be able to take advantage of the benefits of the stimulus program where in the past they might not have been eligible for a home loan of any kind.

For tips and facts about how you can benefit from

Obama’s Home Stimulus Plan

– or to find out if you qualify, visit our no nonsense home stimulus guide:

ObamasStimulusPackage.net

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President Obama’s First Time Home Buyer Stimulus Package – Are You Eligible?

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