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All of this stimulus talk chafes me the wrong way, given that we don’t have $815 billion lying around to spread around the economy, we’re going to have to borrow it. I figure at some point, someone is going to call our tab, and that can’t mean anything good for the average consumer here in the U.S. With that said, if you’re a homeowner, the stimulus package that President Barack Obama recently submitted (and passed in the house) does contain some provisions that could mean some savings and tax credits for you.

First time buyers, for example, could be looking at a $7,500 tax credit assuming they buy in the near future. It’s really a modification of the first tax credit in the already passed Housing Recovery Act, except that it isn’t a loan that has to be paid back within 15 years. Instead, you won’t need to repay it at all. Considering the HRA didn’t really do much to bring buyers out of the wood work with an additional loan (even with no interest), perhaps free money will entice those on the sidelines to get back in the game, assuming you qualify anyway. To do that, you’ll have to be a consumer who hasn’t owned a home in the past three years, and the new home must be your primary residence.

If you didn’t qualify for the “other” stimulus act that was passed last year, you also have a shot at that money this year if you had a kid or if your income dropped in 2008. If you had a kid you’ll also be rewarded with an additional tax credit of up to $1,000 per child this year for 2008. That’s in addition to the $3,500 exemption you get for each dependent you claim!

The bill is still currently being tossed around, though, so don’t count your chickens just yet. It passed in the House, but is well on it’s way to the Senate, where the few Republicans that are actually left are opposed to the amount of pork the bill contains. Whatever your political leanings are, it’s tough to argue that homeowners don’t need at least some relief from the bottomless drop in housing, but we’ll see how this plays out.