Will the Stimulus Bill Still Help Home Buyers?
By Maureen Megowan, Palos Verdes Real Estate Blog
(Remax Estate Properties - )
The final version of the $789 Billion Economic Stimulus Bill that survived the Senate/House Reconciliation of their two bills must still be approved by both the Senate and the House, but still contains a few provisions that should help home buyers, particularly first time buyers. Unfortunately, the Senate passed version of the bill which contained a $15,000 tax credit for all buyers of homes did not survive, however the previous $7,500 credit for first time buyers was increased to $8,000, and unlike the previous credit, will not have to be repaid over 15 years as the previous $7,500 credit had to. Homes must be purchased before December 1, 2009. The bill does provide for a temporary increase in loan caps for loans by Fannie Mae, Freddie Mac and the Federal Housing Administration in high...
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