| Millions of households in America have already | | | | means you'll take out less debt, have potentially |
| received or will receive an economic stimulus check | | | | lower monthly payments, and maybe even get a |
| from the federal government. This article answers a | | | | lower interest rate. |
| few questions related to the stimulus check and | | | | 2. Use the money to build up your savings. Some loan |
| provides suggestions for the homebuyer on how to | | | | programs -- depending on how good your credit is -- |
| use this money to your benefit when buying a home. | | | | may require you to have enough money saved to |
| According to the IRS, if you have a social security | | | | cover a month or two of home loan payments. |
| number, filed a 2007 tax return, and earned at least | | | | 3. Use this windfall to pay closing costs. Many |
| $3,000 last year, you may be eligible for a stimulus | | | | mortgages have fees associated with them, and |
| check. Payments began at the end of April and will | | | | your stimulus payment can help cover these costs. |
| be sent out through July. People must file a tax | | | | Possible fees might be charged for pulling a credit |
| return to receive the payment, even if they are not | | | | report, appraising the value of a home, and for title |
| otherwise required to file. The amount you receive | | | | insurance. |
| will not change the amount of your tax refund and is | | | | 4. Use the rebate to buy furniture. As a first time |
| not taxable. | | | | homebuyer, or when buying a larger home, you may |
| Your payment will automatically be sent to you as | | | | need to purchase furnishings. Taking advantage of |
| long as you qualify and file your tax return. The | | | | thrift and discount stores can help the money go |
| stimulus payment will be sent to you by check unless | | | | farther. |
| you selected direct deposit on your tax return. If you | | | | 5. Use the money to cover the cost of gas you use |
| did, the payment will be deposited directly to your | | | | as you travel around looking for the right home to |
| account. | | | | buy. |
| Now for the suggestions on using the stimulus rebate | | | | The stimulus payment can ease the financial burden |
| as you purchase a home. You could: | | | | of furnishing or buying a new home. And the |
| 1. Use the stimulus check as part of the down | | | | wonderful thing is that all you had to do to receive it |
| payment on your home. A higher down payment | | | | was file a tax return. |