- a $7500 maximum (you can claim up to 10% of the purchase price) tax credit to either first time homebuyers OR if you haven't owned a home in the past three years
- if your AGI (adjusted gross income) exceeds $75,000 for an individual or $150,000 as a couple, the amount you're eligible for begins to decrease
- you must close by 6/30/09 on the home
- the amount credited must be paid back over a period of 15 years
- if you sell the home before the 15 year period (and you have no gain on the sale) you won't be expected to pay the credit back
- http://www.federalhousingtaxcredit.com/ for more information
The bill also contains a provision to help homeowners with subprime loans refinance into a 30 year fixed FHA mortgage.
Below are a few articles I've come across that may help make sense of it all!http://news.yahoo.com/s/ap/20080730/ap_on_bi_ge/mortgage_relief_q_a