" " " Maine's Waterfront Real Estate News: Obama's Stimulus Program: Free Money, Other Perks

Tuesday, March 3, 2009

Obama's Stimulus Program: Free Money, Other Perks

With the signing of the American Recovery and Reinvestment Act of 2009, the federal government has made some bold and unprecedented moves to stimulate the housing market.

America’s home buyers and homeowners will soon have:

1) Lower interest rates for home mortgages, probably in the 4% range.

2) A greater ability to get financing through FHA, Fannie Mae and Feddie Mac in high cost areas.

3) Foreclosure mitigation and short sale standards.

4) A true tax credit incentive to buy a home NOW. If you are a first time home buyer or have not owned a home in the last 3 years, and you purchase a home this year of 2009, have an adjusted gross income of less than $75,000 ($150,000 on a joint return), then it is likely that you will qualify for $8000.00 tax incentive which is almost FREE money that you won’t have to repay, unless you resell your home in the next 3 years.

For more details, you can go to either http://www.federalhousingtaxcredit.com/2009/faq.php or to http://mainerealtors.com/First-TimeHomebuyerTaxCreditFAQ.pdf.

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