In efforts to provide exact information about the revision to the $787 Billion Economic Stimulus Plan benefits to First Time Home Buyers I put together a list of all the changes below.
Unfortunately, the $15000 figure discussed by Congress was reduced and the incentive was increased from the original $7500 or 10% of the homes purchase price to $8000 or 10%.
One of the most exciting changes is that First Time Home Buyers will no longer have to pay this money back as long as they live in the home for 3 years ~ so if the home is sold within 3 years the $8000 will have to be re-paid out of the sale proceeds at closing.
The stimulus refund was scheduled to expire June 30th 2009 and has now been extended to Nov 30th 2009. Plus the credit is retro-active for all purchase made since Jan 1st 2009 so new First Time Home Buyers really lucked out.
Despite the talk about allowing this incentive for all home buyers, no change was made so First Time Home Buyerare the only ones who can claim this prize. According to the bill a First Time Home Buyer is some who has not owned a home in the last 3 years. The rebate is still limiting income and the cut off is around $75,000 for a single person and $150,000 for a married couple.
Overall, these revisions have provided a great incentive for First Time Home Buyer to purchase a home in 2009.