| The Obama Government has announced several | | | | 2009 |
| relief packages for the home owners in the US. | | | | Here is a closer look at this package in order to |
| Primarily his housing scheme is based on loan | | | | understand who stands a better chance to get a |
| modification. Besides, this year he has also | | | | home loan now: |
| announced several grants & tax rebates to | | | | · The first time home buyers have a lot |
| help the people face the economic dip in the | | | | to look up to in this new scheme. They are eligible |
| country. Most of the Americans have lost their | | | | for a tax credit up to $ 8,000. |
| jobs and are confronting several losses in their | | | | · Last year this credit limit was up to $ |
| businesses. Hence the scenario is critical. People | | | | 7,500. The good news is that that you do not |
| are bound to go for a foreclosure or they have | | | | have to repay that $ 7,500 until sell off your |
| declared bankruptcies. The Federal Government is | | | | home with in 3 years. |
| quite determined to confront this situation with | | | | · This credit is available only to the tax |
| the economic tips & strategies. They have | | | | payers who purchase a primary residence amidst |
| come in with several grants to renovate your | | | | January 1, 2009 & December 1, 2009. A |
| home as well. | | | | primary residence is the one where you live in |
| Tax credits are important now to increase the | | | | permanently with your family. |
| cash flow among the Americans. The workers | | | | · This tax credit phases out for the tax |
| are even welcoming small increments in their pay | | | | payers whose AGI exceeds $ 75,000. |
| checks. The Government has announced a $ 787 | | | | · In the case of the married couples this |
| billion economic stimulus package. | | | | phase out limit is $ 150,000. |
| Stimulus package review on Home Buyer Credit | | | | |