The Federal Goverment has approved a major Housing Stimulus Package that will address the turmoil in the financial and housing markets and to bolster the nation’s faltering economy.
One of the key items in the Housing Stimulus Package is a $7,500 tax credit for first time home buyers. This will amount to an interest FREE loan. You will have to pay it back, but it is interest free.
Congress has worked to provide relief to the American people with this Housing Stimulus Package which contains several provisions to help home buyers and stop the slide in home prices. It provides a real lifeline to borrowers facing foreclosure and improves on mortgage liquidity and bolster confidence in Freddie Mac and Fannie Mae.
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