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The Home Stimulus Package - Why I Love It!
Housing is one of the issues US President Barack Obama has been tackling since he entered the presidency. The new home stimulus package that he has implemented has as its purpose the boosting of the housing industry by making homes more affordable. As a result of it, lower income Americans can more readily purchase new homes, or make improvements or repairs to their existing one.
Everyone is aware that these are troubled financial times, and that an ever increasing amount of people are losing their jobs and facing mortgage foreclosures, and that is why a home stimulus package such as this is so important. These improvements are designed to make the home affordable plan packages even more beneficial to those who make use of them. For example, just this August an amendment was made to the home stimulus package. There were numerous changes made. For example, you can now benefit from the plan even if your equity is lower than twenty percent, so more Americans can now benefit from the package.
Another significant change, which was made to make it easier for people to pay off their debts, was to the lower the interest rate from 6.5% to 5.16%. Not only that, the period in which the loans must be paid back was also extended. Furthermore, payments need now be no more than 31% of your monthly income, which means that you can totally cover the other needs of your family before allocating money towards these debt repayments.
I have a friend who has wanted to buy a new home for the past few months. He tried to apply for the home stimulus package, but was rejected because he only had an equity of 19 percent. Also, he said he would have a difficult time paying for the loan because of the high interest rate. But the changes made to the package have now allowed him to apply for the loan. My family and I just attended the blessing of his new home last weekend. This package implemented by President Barack Obama is indeed a blessing.
That is just one of many success stories to come from this home stimulus package, and there are of course other advantages and benefits that I haven't been able to cover in this article. So long as your income is lower than $95,000 (single) or $170,000 (married), then you have no reason to not at least research a little more into the great opportunity that is the first time home buyer stimulus tax credit. You have a lot to gain by giving further consideration to taking the government up on this offer, and nothing to lose.
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