Does anyone know anything about the housing rescue bill?

Question

I am a first time home buyer and I've heard that I can receive a credit of $7500 for buying a house.

Every time I call a mortgage lender they act like either I'm from Mars and I don't know what I'm talking about or they say they don't have any updated information to tell me.

Who can I call or where can I find out additional information about this. I want to make sure I make the appropriate downpayments and follow the rules to make sure I'm elgible.

Who can tell me more about this? What resources are there out there? It seems like Congress passed a law and no one knows about it. Is anyone with a pulse eligible that is a first time home buyer?

Answer 1

You're not being told about it because it hasn't taken effect yet.  When you contact a mortgage lender, they will talk to you about what the programs that are available NOW, not in a month.  Same reason why if they quote you an interest rate, it is only good for a day or so (depending on the market) unless you lock it in.  

Check with FHA for more information on this.

Also, it's great that you want to purchase a home.  Just be careful that you are not a knife catcher.  The market still has yet to bottom out in many places and you don't want to overpay.  Anyone who tells you that the market is turning around is full of it.  

Answer 2

it came to late for me.