More on Tax Credits

Yet another update about the tax credits reported on earlier. The $8000 is for First Time Home Buyers buying their principal residence. Here's a note from Jeff Harris at Wells Fargo:

"I read a preliminary summary of the new Tax Credit in the Economic Stimulus Package. The credit is $8,000 for first time homebuyers purchasing their principal residence. (not vacation homes or rental properties). The credit would be calculated when the tax returns are done, not provided at closing.

Looks like the 2008 higher loan limits are also being reinstated. That will bring Howard County up from $494,500 to $560,000!"

The $15,000 proposed tax credit is for any home buyer, not just first timers, buying a principal residence. It has gone through the Senate and Congress as of today and is waiting for the President's signature. More to come as I get it!