The buzz in the real estate world for the last few weeks has been all about what changes might be made to the $7,500 Home Buyer Tax Credit that was previously in effect. Finally, the American Recovery and Reinvestment Act of 2009 was approved by both the House and Senate this past Friday, putting an end to the speculation.
The biggest changes are an increase in the maximum credit from $7,500 to $8,000 and the removal of the repayment requirement if the home is occupied for 3 or more years.
Details of the credit are in the chart below. (Courtesy of: National Association of Realtors)
This credit is retroactive to January 1, 2009 and will expire on December 1, 2009. The video below, produced by the National Association of Home Builders, gives even more details about how the credit works.Google+