Well, we still don't know what is going on exactly...but from what I just recently read in the Inman New the $15K homebuyer credit cut is definitely in compromise.
The proposed Big 15K tax credit was stripped from 789 billion economic stimulus package and is headed for a vote this coming Friday, which is tomorrow.
Instead, the compromise bill is calling for $8,000 tax credit and it will eliminate the need for repayment requirement which is attached to the present bill of $7500.
In a proposed form the tax credit will pertain to first-time homebuyers - those who have not owned the principal residence in the last three years.
The credit will be available through the November 30th of 2009.
The compromised version of the bill will cost taxpayers closer to $6.6 billion over 10 years period which is a savings of nearly $30 billion.
The elimination of the repayment provision is good news...we will attract more interest even with this program and it is attractive to the consumer. Let us hope that after the bill passes the lending institutions will join the revitalizing effort and start lending the money.
Also, the bill will reinstate the $729,750 loan limit in high-cost areas for Fannie Mae, Freddie Mac and FHA Loan gurarantee programs.
Bo in Yukon
Experience isn't expensive, it's PRICELESS!
Bo,
I don't think that this credit will produce many new home sales (which is where the inventory issue lies) - my research so far bears this out. :)
Steve
Steve...hopefully it will , especially that it is non refundable...Tell me a little about your research, please...
With smiles,
Bo
I closed on my home on Dec. 30th 2008...I am not eligible for this credit? Does this mean i can only take the old loan from the govt for $7500?
MH - you are not eligible...the provision applies to homes purchased after January 1st, 2009.
If you have other questions or need assistance in real estate field - call me or email to: Bo@Okla-OK.com
With smiles,
Bo