As reported by Inman News:
“A proposal to provide a $15,000 tax credit to homebuyers was stripped from a $789 billion economic stimulus package that appears headed for a vote Friday, but a restoration of higher loan limits for Fannie Mae, Freddie Mac and FHA loan guarantee programs appears to have made the cut.”
“According to a summary of the compromise bill released by lawmakers Thursday, the tax credit will still be available only to first-time homebuyers — those who haven’t owned a principal residence in the last three years. But they won’t have to pay it back, as is currently the case, and the credit will be increased to $8,000 and be available through the end of November.”
“[NAR President Charles McMillan] said the bill will also reinstate the $729,750 loan limit in high-cost areas for Fannie Mae, Freddie Mac and FHA loan guarantee programs that was in place throughout much of 2008…”
For information on Santa Barbara Real Estate, Montecito Real Estate and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.
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