2/14/09: Credit has been reduced to $8K. See my updated post here.
The big headline is the news of the most recent stimulus package with a special home buying credit. So what’s the story? In short, we don’t know yet. It’s still in Committee because the House version and the Senate version are different (Remember “I’m just a Bill, on Capitol Hill…” if there two versions don’t match–and they never do–then it goes to a committee.)
The Senate bill would double the size of an existing temporary home buyer credit to $15,000. It would also allow all home buyers to claim it and remove the requirement under current law that the credit be paid back. The House bill also removes the repayment requirement but leaves the credit maximum at $7,500 and would offer it only to first-time buyers.
This WSJ blog has some interesting detail though — again, this is all preliminary, so don’t get too excited–or disappointed–just yet.
Update 2/12: Still in committee, but word on the street is that the latest draft contains a provision forFirst-time home buyers to get a tax credit of up to $8,000. The bill is expected to hit the President’s desk by Monday.
Update #2 2/12: Coming out of committee is the compromise of $8000 credit, does not need to be repaid, available through the end of November, and available only to first time buyers (those who have not owned a primary residence in the last 3 years.)
Ready to start your search for a home in the DC or Northern Virginia area? Consider attending one of my free first time home buyer classes – details are here.