10 of 10
BACKNEXT
If you're thinking of buying a house
The stimulus package includes a tax credit of up to $8,000 for qualified buyers, if you buy a house this year. The property must be the first house you've owned in the past three years, and you must meet certain income requirements.

Those earning under $75,000 will get the full credit--10% of the house's sticker price--up to $8,000. If you earn between $75,000 and $95,000, you will get a smaller percentage back. For couples, the income threshold is set at $150,000 for a full credit, and up to $170,000 to get a smaller credit back.

For more information about the tax credits, read the FAQs put out by the National Association of Realtors and talk to a tax preparer or real estate lawyer about your eligibility.

In addition to the tax break, the Federal Housing Authority (FHA) can now guarantee loans up to $729,750 in high-cost areas such as New York City, Los Angeles, San Francisco, and Washington, D.C. But this is a temporary increase--access to the FHA program at these higher limits will end this year.

The FHA program is worth considering for anyone who doesn't have 20% to put down. The guarantee helps buyers secure a mortgage with as little as 3.5% of their own cash to invest.

More galleries

Last updated May 07 2009: 12:57 PM ET
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.