Government Programs for First Time Homebuyers
Government programs for new homeowners in the United States are available through Home Affordable Mortgage Program, President Obama’s housing stimulus package. This particular program is titled First Time Home Buyers Stimulus and is a great opportunity for qualified buyers. The current housing market in the United States is quite depressed. President Obama structured this program to help boost housing sales, and also to help individual families obtain their own home. Market values of homes have fallen significantly, and with the current economic slump, foreclosures are at an epidemic level. However, there are a few requirements that must be met before anyone can receive funding from this program.
“Do I qualify?”
First off, you must have not owned a home in the past three (3) years. Also, the home must be your primary residence, meaning that vacation homes, summer homes, or rental properties do not qualify. There is also an income qualification, for a single person, you can only make ,000 or less, and for a couple, 0,000 or less is the requirement. If your income does not fall under this level, you still may qualify for a partial credit through this program. To take advantage of the First Time Home Buyers Stimulus, you must close on the home between January 1, 2009, and December 1, 2009. This is quite important. There was another original stimulus program attempted for purchases in the last half of 2008, but it was more of a loan. There has been discussion about including these home purchases under this program in a modified way… To learn more visit www.randolphgoldberg.blogspot.com
Randolph Goldberg is a bankruptcy attorney in Las Vegas.