If you filed a 2007 tax return, have a social security number, and earned at least $3,000 last year, you may be eligible for the stimulus payment. Payments have already started (as of the end of April) and will continue through July. You must file a tax return to receive the payment even if you are otherwise exempt from filing. The rebate does not increase your taxable income nor affect the amount of your tax refund.



Your payment will automatically be sent to you as long as you qualify and file your tax return. The stimulus payment will be sent to you by check unless you selected direct deposit on your tax return. If you did, the payment will be deposited directly to your account.

Now for the suggestions on using the stimulus rebate as you purchase a home. You could:

1.Use the stimulus check to increase your down payment. By paying more upfront, you'll have less debt; could potentially have lower monthly mortgage payments, and might be able to obtain a lower interest rate.

2.Use the money as part of the reserves required for some loans. Depending on your credit and the loan program you choose, you may be required to have enough money in savings to cover a month or two of mortgage payments.

3.Use this windfall for closing costs. Many mortgages have closing costs associated with them, and while your stimulus check probably won't cover all the costs, it can sure help [it sure can help].

4.Use the rebate to purchase furnishings. When you buy a home, especially as a first time homebuyer, you may need to purchase furniture fill it. While your check might only buy half a couch from a regular furniture store, it can purchase a more by going to garage sales and thrift stores.

5.Use the money to pay for the gas you'll use as you drive around searching for the right home to buy.

The stimulus payment can ease the financial burden of furnishing or buying a new home. And the wonderful thing is that all you had to do to receive it was file a tax return.