Home Stimulus Package

Stimulus Package Helps First Time Homeowners Get Their Dream Home

President Obama has signed an Economic Stimulus Package which contains funding to aid the struggling housing market.  To qualify, you must be a first time home owner or not have owned a home in the past three years.  The plan provides for a tax credit of 10% or $8,000.00, which ever is less.

The economic stimulus package is designed to provide mortgage relief to millions of Americans, allowing them to carry mortgages they can afford and sustain into the future.  A sizeable down payment may be necessary to achieve the monthly payment needed for your income-debt ratio.  Research the requirements for borrowing under the stimulus package as a first time home owner.  Follow the application criteria carefully.

Here are some tips for first time home owners seeking to buy their dream house under the stimulus plan:

•Make a monthly financial statement detailing your income and expenses for the month.  Determine the payment level you can comfortably meet now and in the future.  First time home buyers can easily establish a price range for their home purchase by honestly examining their budget.

•Request copies of your credit report; there will probably be a charge.  Make every effort to clean up your credit, checking for mistakes or outstanding balances you need to pay.  Do everything you can to reduce the outstanding balances of your credit cards to help you get a better interest rate on your mortgage.

•Be sure you have a good understanding of your purchase price.   This will help you make adjustments as you consider the market, and you can have a better idea of how much money will be required as down payment.  This is usually around 10% or more of the purchase price.

•Contact your lender to find out the various options available for first time home buyers under the Obama stimulus package.   Do not delay; the stimulus package programs are available for a limited time only.

•Carefully consider the range of options your lender can offer you and the respective guidelines.  Choose the one that best fits your needs.  Fill out the appropriate application and submit the required documentation.

Contact your lender immediately to see if the Obama Stimulus Package for first time home buyers can help you buy your dream house!