The Full Summary of Provisions from Senate Finance, House Ways & Means Committees was released this afternoon and even though it could be better - it's GOOD NEWS for first time home buyers.
Tax credit is going to be increased to $8,000 (or 10% of the purchase price) for first time homebuyers buying between January 1st, 2009 and before December 1st, 2009.
This credit does not need to be paid back unless the home is sold withing 3 years of purchase.
I anticipate this will be the final word on this particular homebuyer tax credit and it's good news for summer home sales!
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