On Friday the 13th, the U.S. Senate finally passed Pres. Obama's American Recovery and Reinvestment Act of 2009, with $787 billion in funding to stimulate our economic recovery.
Included in this package is $6.6 billion to fund a first-time home buyer tax credit aimed at jump-starting home sales. This program expands and alters the previous $7,500 offering for some first-timers (there are income limits), but this new one does not have to be repaid; and it gives buyers a gift of up to $8,000, or 10 percent of the sales price, whichever is less.
The program is available to qualified buyers through Dec. 1, 2009.
While we didn't get the $15,000 credit we had hoped for, this is good news. Virtually all lenders and buyers I've spoken to recently have expressed relief that Congress recognizes the need for such an incentive and has moved to alleviate the housing slump, which has affected so many other areas of economy.
No doubt many home shoppers who have been on the fence about moving ahead towards the purchase of a home can now take advantage of this tax credit which will make the home buying process more rewarding than usual.
If you are one of those lookers who is now ready to jump into the market, contact your lender for more details.
In these gray days of late winter, I am so glad to be able to share this good news. Not even a trip to St. Thomas can beat this!
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