Feb. 13, 2009 - Will the stimulus stimulate new buyers?

Will it motivate buyers currently on the fence?

Here's what Congress is proposing for home buyers, now - Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.  The full credit is available to those making $75,000 or less ($150,000 for joint filers).

This is NOT the final language of the bill, but a summary of what congress has agreed upon; subject to a final vote and the signature of President Obama. 

Prior to the current agreement the Senate proposed a tax credit up to $15,000. So my question is would an $8,000 tax credit be enough incentive for you to purchase your first home or move up to a larger/more expensive home? 

For a complete summary of the proposed stimulus package, click here

If you have questions concerning how the stimulus might affect your ability to obtain a mortgage loan, contact your personal mortgage advisor or Matthew Zimmerman from Century 21 Mortgage.  Contact Matthew at: 732.267.8527 or email him at: matthew.zimmerman@mortgagefamily.com  Tell him Mike Adams sent you.