If you've been keeping in touch with the local or national real estate news, you'll know that President Bush Signed the Housing Rescue Bill earlier this week.

With a name like "The Housing and Economic Recovery Act of 2008," this bill certainly promises a lot.

The biggest provision of this bill may very well be the $7,500 tax credit for first-time homebuyers (or those that haven't owned a home in the last three years).  This is not a gift...it's an interest-free loan that is repaid over 15 years (at $500 a year), but it is certainly something that can benefit many homebuyers immediately.

Want to do a little research on this bill and see how it could possibly help you?

Here are a few articles on various websites that have been posted recently.

As you will see, different sources have different perspectives regarding this bill...

USA Today - Housing rescue bill may fall short; who benefits?

CNN Money - How housing rescue bill can help you

Fox Business - President Bush Signs Housing Rescue Bill

CNN Money - Bush signs housing rescue law

MSNBC - President Bush signs massive housing bill

 My advice? Read up on all the articles (in spite of any personal/political opinions of the sources you may have) to get all the perspectives and talk with a local Realtor and trusted mortgage lender.

Revisit this subject in the upcoming weeks/months.  This bill is a HUGE one - let's see how it works!

Keep yourself informed - it could save or cost you a ton!