It looks like President Obama will be signing a stimulus bill, possibly Monday.  more accurately known as “The American Recovery and Reinvestment Act of 2009, H.R. 1.”

Not quite as good a home buyer package, as was in previous drafts of this bill, but none the less a very handy first time home buyer credit of $8,000 is available for the full year.

Yes is is restricted to first time buyers.   This credit, unlike the predecessor, is a true credit and is NOT repayable down the road. 

This could be a very welcome help to get some buyers off the fence, along with great prices, lower interest rates and wonderful selection of inventory.

Another help could come from the Treasury package, which is supposed to have $50 billion in help for foreclosure mitigation.  This is a much better deal than just giving money to the banks as happened under the Bush administration. 

This is a way for banks to get the money if they let home owners in trouble reduce their mortgage balance and rework the mortgage so they can stay in the home. 

By keeping homes from foreclosure, the market is kept stronger. 

Real Estate Guy helps buyers and sellers of homes and smaller income properties in Madison and surrounding areas.   search all homes for sale Madison Wi