Foreclosure Bill Passed by the House

Passed by the Senate and now by the House President Bush could sign the foreclosure rescue bill as early as this week. This bill will provide $300 billion to help homeowners who are spending more than 31 percent of their income on their mortgage payment. These homeowners may qualify for a more affordable FHA loan.

For those purchasing their first home, the bill provides a $7500 tax credit--with stipulations. You must make your home purchase between April 9, 2008 through July 1, 2009 in order to receive the tax credit and it is available in full to purchasers making less than $75K ($150K is the ceiling for couples). However, the tax credit would need to be paid back interest-free over 15 years.

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