At some point in his/her life, everyone dreams of owning his/her own home. This will probably be the biggest purchase you every make. You might be a single person, a couple or a family, but you have decided it is time to buy a home. The qualifications for eligibility in the First Time Home Buyer program is that you have not owned a home in the past three years. If this applies to your circumstances, then congress passed the First Time Home Buyer Stimulus Program in 2008 and 2009 just for you.

Like all other large purchases, you need to plan before buying a house. You have to decide on location, do you want it to be near where you work, where your children go to school or are you more concerned with the scenery? Start by looking for your dream home in the area you want. Decide how big you want the house to be, the furniture you have, and the things you want to include in your home. After you have an understanding of what you want, you can start the more serious part of your planning.

Now decide on how much you can spend. There are two parts to this, the down payment and your monthly payments composed of your mortgage and the taxes. This will also help you decide on the type of home you can purchase and where. Now you need to look at your credit history. A good credit history will make it easier to be approved for a mortgage loan.

You can learn more about this stimulus package from your bank or lending institution. These programs were created so the housing market would grow as well as to offer financial help to first time homeowners. Homeowners benefit from lower interest rates, a tax credit and help with the down payment. People who are disabled or who live on a low income might qualify for an even lower interest rate.

The First Time Home Buyer Stimulus Programs, created just to help first time homebuyers, gives them all the incentives needed to enter the housing market.