At the end of July 2008, President Bush signed a bill into law (H.R.3221) that will give thousands of first time home buyers nationwide a check for $7,500.00. This bill is clearly an effort to help the housing market and to stimulate the economy. Although this part of the bill was buried amongst a myriad of other items, this is probably the most affective economic stimulus Congress has passed and it will help real people who work save real money. There are many details and as they say, the devil is in the details but most will be delighted with the way this program works.
Many first time home buyers do a scramble when it comes to getting a down payment or even paying for moving expenses. This is real money the government will give you if you are a first time home buyer between April 9, 2008 and July 1, 2009. A first time home buyer is defined as a home buyer who has not owned a home in the previous three years. This is sensational. Currently housing values are depressed and now is a good time to get great values on real estate. There are many exceptional values on the marketplace today nationwide. If a family decides now to buy their first home now it might be a life changing event for their good. With the expected appreciation of housing over the next ten years the $7,500 they receive can continue to grow for years to come.
The passage of a bill this wide sweeping to help first time home buyers nationwide is unprecedented. Of course, it's temporary and the first time home buyer must qualify for the $7,500.00 and qualify for the mortgage. Are there many restrictions on this program? You betcha. The best way to find out if you qualify is to contact an experienced mortgage expert. An experienced mortgage expert can help you from the very beginning of your transaction to when you are handed the keys to your new home. The first step for those wanting to take advantage of this credit need to contact an experienced mortgage expert now.
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