New housing law: The basics, 8-08

Help for our housing economy? It's no secret that President Bush signed a $300 billion housing bill into law last week. In addition to helping cash-strapped homeowners avoid foreclosure, the law aims to help first-time home buyers to jump start their search in a tough economy.

So if you're house hunting the law can mean a BIG benefit.

To boil it down to the basics: first-time home buyers get up to $7,500 tax credit. This basically means you get a 0% loan for 15 years if you buy a home between April 9, 2008 and July 1, 2009.

Double click to see this fact sheet, on the law, larger.