Last night (2/4/09), the US Senate unanimously passed an amendment to the Economic Stimulus Bill, creating a $15,000 (or 10% of purchase price, whichever is less) tax credit to any homebuyer who purchases any home used as a principle residence!!  The tax credit does not have to be repaid as long as the home is not sold within 2 years of purchase. 

 

With the original Economic Stimulus Bill, there was a $7,500 tax credit which had to be repaid over a period of time and was only for first-time homebuyers.  While the final details of the Stimulus Bill are still being debated, this amendment represents a tremendous step forward in efforts to stabilize housing markets around the nation.  Because of the efforts of REALTORS, we expect the final Economic Stimulus Bill will contain several major housing provisions.  We will continue to update you as the bill progresses through the legislative process.

 

Low rates, reduced housing prices, and a tax credit for buying a home…There has never been a better time to Buy a home!!!   For more information, please call The Linda Frierdich Real Estate Group at 618-719-3134.