President Obama has signed stimulus package to help the first time home owners who may not have owned a home in the previous three years. Now you can claim credit for $ 8,000 or 10% of the purchase price of the home, whichever is less.

The economic stimulus package is designed to give relief to million of Americans and allow them to modify loans according to their convenience. A home purchase will require a big cash down payment at the beginning, which will help you to pay a sizable loan payment every month. Be aware of all the guidelines that may be required to apply for the stimulus package and follow them properly.

First Time home owners can now buy their dream house with federal stimulus package after considering following tips:

• Firstly, you need to figure out that how much you can spend in a month. Make a plan of your incomes and expenses that you make in a month and spend accordingly. Knowing your budget will quickly let you know how much a first time buyer can spend to purchase a home through stimulus package.
• You are required to clean up all the credit history from your accounts. For this, you need to contact all the bureaus for your credit reports and you will get to know how much you have to pay them. Pay all the credits that will make it easier for you receive a mortgage loan at a reasonable rate of interest.
• First Time Home Owners get to know their purchasing price, it will be easier for them to make adjustments according to it, and you may know how much cash you will need in order to put a down payment of 10% or more.
• To avail a stimulus package you need to contact to the lender immediately to know the various programs offered by the bank. Your lender will provide information about special loan programs which might be available for first time home owners.
• First time home owners must be aware of different types of loans that will be easier for them to avail according to their requirements. You must go thorough with all the information provided by the agency and choose the best one that fits to your situation.