You have no doubt heard a lot about President Obama signing the Home Stimulus Plan.
You would have to live on a desert island to avoid the constant news coverage about this and other parts of the 2009 Stimulus Bill.
However, you might be confused about the deadlines on these different parts of the program.
When is it too late? If you are hoping to take advantage of the First Time Home Buyer Stimulus, you must have purchased and closed on your home before December 1, 2009.
Then, to get the 10% ($8000 maximum) tax credit, you must take this deduction when you prepare your 2009 taxes.
If you are counting on getting a refinance through the program, you will need to act before June 10, 2010.
You can refinance, if you qualify, even if you owe up to 105% of the market value of your home.
Sometimes, people have found themselves losing equity in this current market when their house drops in value.
Usually, the bank requires 20% equity to refinance, so if this is something you need to do, do not miss the cut-off date.
If a loan modification is something you are considering, then you are already under a time constraint anyway.
You are aware that foreclosure is imminent, so you have no time to waste.
The loan modification part of this bill helps you get a lower house payment by reworking your entire loan.
If you qualify, this is done through your lender working in cooperation with the Treasury Department.
However, for information purposes, this program is only available until December 31, 2012.
When you are trying to get things done in order to apply for this assistance, be sure that you do not omit important details.
You can only apply one time, so proceed with great care.
These dates are very important if you intend to take advantage of any of these federal programs.
The Home Stimulus Plan is just in effect for a limited time to accomplish what it needs to during this recession and resulting depressed real estate market.