The proposed Stimulus package by President Bush will take affect sometime before June, say reports. Aside from the obvious advantage of $600 for singles (earning less than $75K) and $1,200 for married couples (earning less than $150K), there's an additional benefit for the housing market.

The stimulus package will help those markets - like Northern Virginia, where home prices are higher. It will aim to make getting a mortgage easier, refinancing easier, and prevent foreclosures. The package will raise FHA and VA loan caps to $725K, and would be permanent. Additionally, for those requiring a "jumbo" loan, the cap will be higher (currently $417K).

All in all, hopefully this will start easing people's concerns and stress about getting mortgages for new homes. With the abundance of supply around, and sales prices dropping, now is definitely the time to consider buying your new and/or next home.