Well according to The Wallstreet Journal the latest version of the stimulus bill says that: The $15,000 homebuyer tax credit didn't survive the final negotiations on the stimulus bill. Instead, Congress slightly increased to $8,000 an existing $7,500 credit for first-time homebuyers and eliminated repayment provisions.Congressional negotiators said that $8,000 number isn't yet finalized.
The new credit is retroactive to Dec. 31, 2008, which means that anyone who buys a house this year, through August, won't have to repay it. First time buyers who used the credit in 2008 still have to pay it back over a 15-year period.
Alot of people may feel more at ease since the new provision says that you do not have to pay the money back (whew!). In this market what is there to loose as a new homebuyer? Nothing in my opinion.
Does this news effect the decision for you to buy a home?
Post your thoughts. And join my blog too (please:).
Sourceback link: http://blogs.wsj.com/developments/2009/02/12/homebuyer-credit-wont-stabilize-market-analysts-say/trackback
The Savvy Agent Group www.SavvyAgentGroup.com
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