President Bush signed the Housing and Economic Recovery Act of 2008. It is said that over 400,000 homeowner's will be able to take advantage of this bill. Home owners will be able to stay in their homes providing their current lender agrees to the terms of the FHA backed, "Hope for Homeowners Program". People with high interest rate mortgages, close to foreclosure or in currently in foreclosure may be able to take advantage of the bill signed today.
The new bill also established a $7,500 tax credit for 1st time homebuyers. 1st time homebuyers will be able to take advantage of this tax credit if they purchase a home between April 30th, 2008 and June 30th, 2008. Click here for more information.