Who Could Use $8,000? A First-Time Homebuyer, That's Who!

Cross posted from e-bits: A weekly news letter brought to you as a public service by BILL MAUFFRAY, Countrywide Home Loans, a div of Countrywide Bank, FSB. 352-219-3141
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Rates have dropped and averaged around 5% most of the last week for 30 year fixed with no points.

We are all waiting to see what the final version of the new economic stimulus package is and what parts will help the construction, real estate and mortgage industries. One part of it will increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.