The final Stimulus bill that President Obama will sign into effect before President’s Day 2009 is over 1000 pages. No lawmaker was able to read the entire bill.
Many homebuilders and real estate professionals are going to be let down from the amendments in the Senate bill. Namely, the $15,000 tax credit has been reduced to $8,000 (click here for a detailed breakdown). It is not a loan that needs to be paid back- but it applies to new home buyers only-not all home purchases as many thought. If you are a couple that makes over $150,000 per year or single and make over $75,000 per year- than you do not qualify for the credit.
Nonetheless, if you are a new homebuyer- $8,000 is a lot of money and coupled with low interest rates and falling house prices it may be enough to push some buyers off the fence.
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