| In various steps taken by the President Obama and his | | | | stimulus package the modified gross income of the |
| government to bring the economy out of dark clouds | | | | person should be less than $ 95,000 (p.a.)o For married |
| of recession, one is the stimulus package for first time | | | | couple the limit is up to $ 170,000(p.a.) |
| homeowners. The economic down turn of 2008 has | | | | The benefits of this stimulus program can be |
| affected everyone in some way or the other. It was | | | | categorised as:o Tax benefitso Lower interest rateso |
| seen that people who were affected the most by this | | | | Down payment help |
| downturn were those who were paying very high | | | | A 10 % tax credit on gross purchase price is allowed |
| interest rate for home loans. Due to these soaring | | | | to the eligible person. There is also an option of taking |
| interest rates and mortgage bills many were reluctant | | | | the benefit in the year of purchase or within a span of |
| in buying a home or were delaying their plans to | | | | two year after final sale. |
| purchase. | | | | Down payment is also approximately 10% of the |
| There are various specifications for a person to be | | | | purchase price. The person can get assistance from |
| eligible for the stimulus package-o Only houses | | | | the stimulus package by reduction in the down |
| purchased between dates 1st January '09 to 1st | | | | payment required to secure loan. |
| December '09 are considered.o By first time home | | | | To encourage people to buy homes some additional |
| owner government means, those who have not | | | | benefits are incorporated in the package like tax |
| owned or purchased a house 3 years prior to this | | | | rebates. These rebates are given on the interest |
| purchase.o Also the person must accommodate in the | | | | amount attached with the loan. |
| house for there after the purchase.o To qualify for the | | | | |