I thought it would be prudent to send out what I have seen as it relates to the home buyer credit that Congress is actively considering. 

 

The stimulus bill is now on its way to President Obama's desk just in time for his President's Day goal. There still seems to be some conflicting or missing details in the media, probably because the compromised bill was passed so quickly and right before the weekend, but this is what I’ve gathered thus far:

  • The credit is $8000.
  • It does not have to be repaid as long as you own the house for 36 months.
  • Applies to purchases from January 1 through December 1, 2009.
  • income restrictions start at $75,000 (single) or $150,000 (married filing joint).
  • For first time buyers only (defined as not having owned a home in previous 3 years).

Please let me know if I can help in any way.

 Rick Schlager

Senior Loan Officer

Blue Water Mortgage Corp.

Please ask me how you can save $250 off your closing costs.

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