| President Obama has created a home buyer stimulus | | | | to make it possible for them to live out those dreams |
| program for people who were hesitant to purchase a | | | | of home ownership that they had put on hold. |
| house after the economic downturn of late 2008. With | | | | Besides the obvious benefits of lower interest rates |
| recession looming people who had planned to buy | | | | the government is also offering tax credits for first |
| were afraid to do so when they saw their money and | | | | time home buyers who acquire a home between |
| jobs in jeopardy. For the year 2009 the Obama | | | | January 1st and December 31st of 2009. The tax |
| administration has signed into existence a plan to | | | | credit could be as much as $8,000 or 10 percent of |
| rescue home buyers from themselves and offer them | | | | the purchase price of the home. By offering this credit, |
| affordable loans thus making it possible for them to | | | | new home owners will have a financial boost which |
| buy. But even with that help, people have been hesitant | | | | might allow them to buy furniture and home furnishings. |
| to go too far into debt because of the uncertainty of | | | | The belief is that people with lower house payments |
| the economy. | | | | and money left over at the end of the month will |
| A first-time home buyer must be especially careful at | | | | spend it. This will, in turn, stimulate the economy when |
| this time because of the number of companies, both | | | | these surpluses are put back into the marketplace. |
| reputable and corrupt, who are trying to get their piece | | | | The end result will be that if more money is spent on |
| of the financial pie by offering loans that may be too | | | | goods and services more people will be able to keep |
| good to be true. The fact is the current financial | | | | their jobs. |
| climate does not lend itself to carelessness in the | | | | This stimulus program for first time home buyers has |
| marketplace. People are rightfully concerned about | | | | one additional provision involving income limits for |
| getting in over their heads. These are the people the | | | | people taking advantage of the program. By doing this, |
| President Obama's administration wants to encourage | | | | those in lower income brackets may be able to take |
| and the first time home buyer stimulus is an effort in | | | | advantage of the benefits of the stimulus program |
| that direction. | | | | where in the past they might not have been eligible for |
| The government program offers first time home | | | | a home loan of any kind. |
| buyers both lower interest rates and longer loan terms | | | | |