If you have not owned a home before in the past three years, you might be eligible for receiving a credit from the US Federal government as part of President Obama's Stimulus Package in 2009. Under the Plan, you may claim the lesser amount of either $8,000 or 10% of what you paid for your home.

Despite the turbulent economy, there is hope for millions of Americans struggling to keep their homes from foreclosure and having to file for bankruptcy. President Obama acknowledges this and provides the way for you to receive the help you need. Be familiar with all the set guidelines before applying, so that you may qualify and not be delayed during the process.

If you are first-time homeowner, you can still live the American dream by buying a house in this economy. You just need to keep the following in mind:

* Work out a budget so that you can know exactly what your income-to-debt ratio is before you take the leap and purchase a home you might not be able to afford in the long-run. When you are armed with what total you are able to afford to spend on purchasing a home, then you will put the Stimulus to better use.

* Obtain credit reports on yourself (and your spouse) and review them carefully for any errors or creditors you might still owe. Take care of cleaning up your score before you even attempt to do anything else, or you might be looking at higher interest rates.

* Plan on paying 10% or more of the price of the home for your down-payment, so make financial adjustments in order to make this possible. This will help you down the road and also with your monthly payments.

* Don't hesitate to contact your lender to find out what programs they can offer you. You can also browse their website to find out information on what is available for first-time homeowners.

* As a homeowner, you have to be proactive in researching what is available for your situation, so you can find what works best for you.