Things are bad, really bad. So we are told almost constantly these days. If you listen to the pundits, you would think there was not any way for someone to get ahead these days. But, Obama's First Time Home Buyer Stimulus will allow people who qualify to actually get ahead during this economic recession.
If you study history, you will see that many fortunes were made during economic times like this, or much worse. The economy almost always flows over into the housing market, and it has during this recession, as well. Home sales are stagnant, foreclosures are up, and market values have plummeted. That may sound dismal, but to a possibility-minded person, it sounds like a buyer's market!
You probably think that sounds great, if you had the opportunity to take advantage of it. If you qualify, President Obama's program for people who haven't owned a home in three years could be your vehicle to actually better yourself and your family during this economic recession.
We have established that this is a great time to purchase a home. You can get more home for less money than ever before. But, in addition, this federal stimulus program will give you a tax credit for purchasing a home between January 1, 2009, and December 1, 2009. The tax credit is 10% of the purchase price or up to $8000. This is a refundable tax credit, meaning you can take advantage of it even if you don't owe that much in taxes. It comes in the form of a refund.
So, if you purchase a home for much less than the market value, and then apply this tax credit to that principal, you have a sizable equity in a home. When the market values return to their former place, and they will, you will have obtained a nice real estate asset.
To save your home,
click here to learn more about Obama's
home stimulus package
