I have been asked by so many referral partners about what all is in the stimulus bill and how it it help our market. The bill itself is over 14,000 pages i'm told and it is slowly being released to the public...but here is what we do know...
$8000 tax credit (was 7500) no longer required to be paid back. The 7500 one was considered a zero interest loan basically, but this one is now a gift of 8000 for any first time home buyer or anyone who hasn't purchased a home within 3 years!! The one thing you do need to know is that your income as a single must be less than 75000/annually or as a married couple, no more than 150,000. Keep in mind, this is Net Income, not gross. What that means is that any 401k, SEP, etc can be deducted to help you qualify even more! This program is good till December of 09!! Now is the time to buy if you can qualify!!
Hope this helps!!
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