Home ownership may seem like "the impossible dream" to first-time buyers who have to stretch in order to purchase their first home. Many younger buyers can afford the monthly payments, but may have to get creative to cover the down payment and closing costs. This is where the new tax credit bill may be able to benefit you.

On Saturday the Senate voted 72-13 to send a tax credit bill to the president, the house had passed it on Wednesday, and President Bush has stated that he will sign it promptly.

The bill takes many approaches to fixing the current housing market. One of which includes $15 billion in tax cuts. The tax cuts will increase the low-income housing tax credit and allow a credit of up to $7,500 for first-time home buyers for houses purchased between April 9, 2008, and July 1, 2009.

Contact a real estate professional if you are thinking about buying your first home. For those whose funds are limited, there may be other possibilities you have not considered, such as local or federal loan programs, flexible new loans & seller paid closing costs in order to complete the sale.

For more information on the new legislation check out this link: http://www.myfoxtwincities.com/myfox/pages/Home/Detail;jsessionid=56B15DFF87968AA7F4B3ECB6029F3218?contentId=7070015&version=4&locale=EN-US&layoutCode=TSTY&pageId=1.1.1&sflg=1

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