$7,500 Tax Credit

President Bush signed the Housing Stimulus Package into law today.

This legislation, Housing Stimulus Package, will provide an enormous help to the housing problem and housing industry. It gives a temporary tax credit to first-time home buyers and will help the mortgage market and troubled loans.

You will have to buy your home by June 30, 2009. If you are single, the benefit phases out if you earn more that $75,000. For couples, the earning level is $150,000.