Although the $15,000 homebuyer tax credit for all buyers passed by the Senate on Tuesday was scaled back as part of a compromise in the economic stimulus package headed for a vote, it still has some enhancements over the current tax credit.
According to a summary of the bill released Thursday (of course, still subject to change), the new homebuyer tax credit will be…
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Still available only to first-time homebuyers or buyers who haven't owned a primary home in the last three years
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Increased to a maximum of $8,000 instead of the current $7,500
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Will be available through the end of November 2009 instead of expiring the end of June
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Will NOT have to be paid back!
Treasury Secretary Timothy Geithner suggested an expansion of the program to drive down mortgage rates could also be in the works, but Reuters reported that the administration has shelved a plan for the government to stand behind mortgages with rates between 4.0 and 4.5 percent.
With current rates in the upper 4% range (for those who qualify), we're almost there already.
