O.K., so we didn't get the $15,000 full credit the Senate originally asked for, but it's definitely improved. Here's the details of the package that is contained in the new Stimulus Bill that just passed;
First Time Home-buyer Credit: First time home-buyers may qualify for a tax credit of up to $8000 up from $7,500 currently.
Removes the requirement under current law that the credit be payed back as long as the buyer stays in that house for at least three years.
Extends the credit's expiration date to Dec. 1,2009 from July 1.
Purchase must have been made after Jan 1, 2009 and before Dec 1, 2009.
Full credit available for those making $75,000 or less ($150,000 for joint filers)
So now there's no repayment and it's had a slight increase. If they will now work on the banks loosening up some of that TARP money for these first time
home buyers, and let the interest rates adjust down like they should, I think people may have a real opportunity to purchase a home and take advantage of these great low prices!!!