Stimulus News $789 billion

As you have probably heard, the Senate and House conferees have reached an agreement on the Stimulus bill totaling $789 billion.  While the details are still subject to minor changes, here is the latest.     

•1.       Tax Credit

•a.       The tax credit does not have to be repaid. 

•b.      The size of the credit is $7,500.

•c.       There will be income limits ($75,000 for an individual; $150,000 for a couple).

•d.      First-time homebuyers only.

•e.      Tax credit expires in September 2009 ( probably the 1^st)

 Basically the House bill prevailed.  We understand the lack of Senate support for the bill undercut the Senate amendment (i.e. $15,000).

 •2.       FHA & GSE Mortgage Limits

 •a.       The bill restores the 2008 limits for the country.  If an area increased in 2009, the current limit would be retained.

Timing of the Stimulus Bill

 It is expected the bill will be passed this week and signed by the President early next week. 

 The mortgage limit change could be effective immediately since there are no calculations required. 

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