Changes to Home Buyer Tax Credit in Final Stimulus Bill

It appears a deal has been reached on the Stimulus Bill. While the compromise does not go as far with the Home Buyer Credit as the Senate Amendment, it is still a great opportunity for first time home buyers. Here are the details as we understand them to this point:

a. The tax credit does not have to be repaid.

b. The size of the credit is $7,500.

c. There will be income limits ($75,000 for an individual; $150,000 for a couple).

d. First-time home buyers only.

e. Tax credit expires in September 2009 (probably the 1st of September) and we are trying to confirm that it is retroactive to January 1, so people do not have to wait for the President to sign the bill to close.

So if you are sitting on the fence and thinking of becoming a first time buyer, this may be just the incentive you need! Let me know if you want to learn more about buying by contacting me at Michael@RealAstute.com.