(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.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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