AURORA IL REAL ESTATE - AURORA IL HOMES FOR SALE - AURORA IL FORECLOSURES

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What did Money Magazine have to say about Aurora within it's list of best places to live?

At the crossroads of city and country, Aurora is on the fringe of the Illinois Research & Development Corridor, a major stretch of intellectual and corporate brainpower.

As one of the first cities in Illinois to implement an all-electric street lighting system, Aurora is nicknamed "The City of Lights." And it keeps the flame alive downtown with entertainment at the Paramount Theatre and Hollywood Casino.

Downtown Alive, a free festival that includes live music and a variety of food booths, is held every Friday night in the summer

The new credit program would dangle tax savings in front of almost anyone considering buying a first house or buying a house after not owning one for at least three years. Tax credits are more valuable than deductions because they are dollar-for-dollar reductions off what you'd owe on your federal taxes.

"This should be a very potent stimulus," said Howard Glaser, president of Glaser Group, a Washington legislative consulting firm representing mortgage lenders. "Unlike the earlier [economic] stimulus package," which that has been pumping out tax rebates to consumers, "this one is directly targeted at selling houses."

The credit's expansive definition of who qualifies as a "first-time" buyer is a plus in hard-hit areas of the country where many former owners have become renters.

But the credit comes with some noteworthy limitations. You've got to pay it back to the IRS over an extended period-up to 15 years after the tax year of the home purchase. And if you sell the house or convert it to another use, such as a second home or investment property, you've got to repay the credit.

There's also an income limit of $75,000 for singles, $150,000 for married joint filers. Beyond those, the maximum allowable credit would phase down in increments. The credit program covers qualifying home purchases between April 9, 2008, and April 1, 2009.

The portion of the legislation that deals with financially distressed homeowners would help an estimated 400,000 borrowers.

It is restricted to owners who cannot afford their current loans and have a mortgage debt-to-income ratio of more than 31 percent. The owner of the mortgage-either a lender or bond investor-must agree to reduce the principal to 85 percent of the current market value-that is, write off a significant chunk of what's owed.

If these and other conditions are met, including borrowers agreeing to split any future appreciation with the government, the

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