$7500 interest-free loans, and other perks of the housing bill

The president is expected to sign a new housing bill today (July 29, 2008) that may have significant implications for current and hopeful homeowners.  Here are a few highlights:

• A $7500 "first-time" home buyer tax credit will provide (in a sense) an interest-free $7500 loan to home buyers.  You would qualify if you haven't owned a home in three years, and if you have bought, or do buy between April 8, 2008 and July 1, 2009.  The tax credit is applied the year that you buy the house, and is paid back (without interest) over 15 years, starting two years after you buy the house.
• Those threatened by foreclosure may have new options under an FHA foreclosure rescue plan. Home buyers with subprime loans may be able to refinance via the FHA financing program at 90% of the current appraised value of their home.  
• Many markets will see increased FHA limits to allow for more homes to be financed through the increasingly popular FHA loan program.

There are many other aspects of the housing bill, many of which are intended to help stabilize the economy and the housing market.  For further reading, check for the latest articles on Google News.