| The economic crisis makes owning a house almost | | | | purchased a home between January 1 and December |
| impossible. There is however, hope with the | | | | 31, 2009. The credit may be as much as $8,000 |
| government's program for those who want to have a | | | | depending on the price of the house. Within two years |
| house. It's the First Time Home Buyer Stimulus | | | | of purchase, the tax credit may already be claimed. |
| Package. | | | | Down payment meanwhile, is usually only 10% of the |
| This program keeps the dream of owning a home | | | | selling price. This gives the homeowners the chance to |
| alive for many Americans. If the First Time Home | | | | spend for home improvement or other expenditures. |
| Buyer Stimulus Package becomes successful, it will | | | | The loan requirements are also not as strict with lower |
| dramatically reduce the number of unsold homes in the | | | | monthly mortgage. This program is for individuals with |
| United States, revive the construction businesses and | | | | up to $75,000 earnings or couples with up to $150,000. |
| offer employment opportunities. | | | | Another part of this stimulus package is the tax rebate |
| This package is comprised of three elements - tax | | | | on the loan's interest. Owners can make use of this |
| credits, lower interest rates and down payment | | | | rebate for expenses that are included in their property |
| funding. | | | | maintenance hence, also an income tax deduction. |
| The government spurred this program to increase | | | | The government is optimistic that this program will help |
| home ownership and help the dying real estate | | | | the economy and the people to have their own |
| industry at the start of the recession in 2008. | | | | homes. |
| A 10% Tax Credit is for those homeowners who | | | | |