The package is passed and signed in to law.   Let the good times roll!  Here's info from one of our in-house lenders, Jim Hockenberry. 

The American Recovery and Reinvestment Act of 2009 has been signed by the President and contains a Tax Credit too.   First time Home buyers who purchase a home between Jan 1, 2009 and close before December 1, 2009 qualify.  The credit represents 10% of the purchase price of a home up to $80,000 or maximum credit of $8000.00. The credit phases out for taxpayers with adjusted gross income in excess of $75,000 ($150,000 in the case of a joint return).

 This tax credit can be used in conjunction with the OHFA program regarding a OHFA loan with or with out assistance or the Mortgage Credit Certificate which provides a 20%,  25% or 30% tax credit based on the amount of interest paid on the loan during the year.  The provision for recapture has been removed unless the home is sold within three years of purchase.

 (John's commentary)

Where's the beef?  They should have saved our money.  This stimulus will help a small percentage of buyers, namely first time buyers making less than $75,000 a year.   As you know, I wasn't a big fan of the bailout to start with, but come on guys, nearly $800 Billion and you're helping about 5% of the market!  I doubt we can expect first time buyers to purchase all the $250,000-$500,000 homes that are in foreclosure.

This is a windfall for  those that qualify .  $8000 tax credit, plus an additional 20 - 30% mortgage tax credit plus we all still get the mortgage interest deduction!  That's triple dipping!

So, if you are a first time home buyer  or know someone that is , here is a pile of money that's yours for the taking.  You can bet I'm going to try to  get all my kids in a house this year.  If you know a first time home buyer who wants to take advantage of our rich uncle...call me.