The President Signed the Stimulus Bill
As many of you have heard, Congress approved the American Recovery and Reinvestment Act of 2009 and yesterday the President signed the bill. The two most important real estate aspects of this bill are:
1. The bill increases the first-time home buyer LOAN from $7,500 to a CREDIT of $8,000. The credit does not have to be paid back if the homeowner lives in the home for more than three years. In addition, homebuyers must have purchased a home after January 1st, 2009 and before December 1st, 2009 to be eligible.
2. The bill also resets the conforming loan limit cap at $729,750 up from $625,500, through Decemeber 31st, 2009. |
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