When you hear about all the bail-outs the government is funding, do you wonder when your bail-out is coming? The government has bailed out banks, insurance companies, and automobile manufacturers. The latest action is a Home Stimulus Plan to try to bail out the housing market, and help struggling homeowners at the same time. Maybe one of these programs could help you; maybe your bail-out money has arrived!

The stimulus package includes a program for first time home buyers. People who have not owned a home in three years receive a refundable tax credit for 10% of the home's value up to $8,000. The income requirement for one person has a ceiling of $75,000 and two people , $150,000. The home must be purchased between January 1, 2009 and December 1, 2009.

Another program available is a refinance option for those who have found themselves a victim of the plummeting property values. Traditional refinancing requires a 20% equity in a home, and when the value of a home drops, the homeowner's equity does, too. This program helps people refinance a less than favorable mortgage, even if they owe up to 105% of the current market value of the home. The homeowners cannot be in arrears at all on their mortgage to qualify, and they can't have been more than 60 days late in the last year. The deadline for application is June 10, 2010.

The most talked-about part of the governmental housing stimulus bill is the loan modifications that are being done for homeowners who are struggling or even late on their payments and are possibly facing foreclosure. Existing loans are restructured to achieve a lower house payment for homeowners so that they can stay in their home. The banks receive financial rewards from the government under this program to rewrite these loans. The deadline for this program is December 31, 2012.

There are other application guidelines for each of these Home Stimulus Plan options.