(Almost) Done Deal!
The Senate passed the bill 98-0 yesterday; the House followed suit today.
President to sign tonight/tomorrow.
Highlights per Steve Mohabir, City Lakes’ in-house loan officer:
One provision will continue for five months a popular $8,000 credit for many first-time home buyers, which was to expire Nov. 30, and create a $6,500 credit for some homeowners who want to buy a new residence.
The move-up provision looks like if you have owned and lived in a residence 5 of the last 8 years and buy a new place, it looks like the $6,500 would apply. Other than that same as before with higher income limits for the 1st time home buyer.
Bottom line: this will be a big booster shot for the 2010 housing market, especially move-up Buyers.