NAR Chart Details The New First-Time Home Buyer Tax Credit

As the nation waits for President Obama to sign the historic American Recovery and Reinvestment Act into law, much has been written (including here) about the revised First-Time Home Buyer Tax Credit.

Our National Assn. Of Realtors’ governmental affairs unit has just come out with a handy chart showing the differences between the old law, which went into effect last April, and the law that will go into effect once the President signs it on Tuesday.

Under the new law, most first-time buyers who bought a home between Jan .1 of this year and November 30 will be entitled to an $8,000 credit. The 2008 law provided a $7,500 credit, which has to be paid back at $500/year over a 15 year period.

To view the National Assn. of Realtors’ chart CLICK HERE.

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• If Senate Has Its Way Tax Credit Won’t Just Be For First-Time Buyers

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This Post Originally Appeared At HomeSection.com:

Download This Chart On The New First-Time Home Buyer Tax Credit