The overall cost of this credit would have been $35 billion. In its place, a more modest proposal was negotiated that will increase the credit to $8,000 and will also eliminate the repayment requirement currently in place. In its current format, the $7,500 credit is in effect an interest-free loan that must be repaid within 15 years or when the home is sold, whichever comes first. Though there is a minor possibiilty that things could still change, it appears that now the $8,000 credit will be an actual credit, not a loan like before so you’ll not have to repay the credit. So, not all bad news.
Stimulus – Not all Bad
February 14, 2009 at 10:29 pm (Economic Stimulus Bill, First Time Home Buyer, hello Real Estate, Home Buyer, Home Owner, Real Estate, Redmond Real Estate)
Tags: Economic Stimulus Bill, First Time Home Buyer, hello Real Estate, Home Buyer, Home Buyer Credit, Real Estate, Redmond Real Estate, Steve Swanson Realtor