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The Housing and Economic Recovery Act of 2008 recently signed by the President allows first time home-buyers who purchased after April 9 of 2008 and before July 1, 2009 to claim 10% of the purchase price capped at $7,500 credit. Single homebuyer may earn up to $75,000 and $150,000 (Adjusted Gross Income)for married homebuyers a year to qualify. You (or your spouse) must not have owned a primary residence during the three-year period prior to the purchase.  The credit is an interest free loan for 15 years. You have to pay it back after 2 years claiming the credit. Annual payment is $500.

For further information, please visit http://www.federalhousingtaxcredit.com/index.html

Homeowners with Reverse Equity.

If you owe more than your house is worth, you may qualify to refinance under hope4homeowners program if you fulfill the criteria:

1. The house is your primary residence.
2. The loan was originated before Jan. 2, 2008 and made at least six payments.
3. Payments are unaffordable if you are not help.
4. House payments are more than 31% of before tax-income.
5. The borrower did not lie on the loan application and has not intentionally defaulted on debts and has not been convicted of fraud in the past 10 years.

Lender will forgive all the debt over 90% of the current appraised value and allow homeowner to refinance with and FHA-insured mortgage. Borrowers have to share their house price appreciation with the government when they refinance the loan or sell the house.

Please provide the following information:

1. The loan origination date
2. If there's an equity line outstanding.
3. One paycheck stub for each earner in the household.
4. Bank statement and monthly expenses.
5. Most recent Tax Return.