The final jury is not in until Obama signs the Stimulus plan but it appears the $15,000 Credit has been trimmed to amendment in the economic stimulus package that was sponsored by Sen. Johnny Isakson. The new revision is an $8,000 credit for first time home buyers. This is still great news. I can see first time homebuyers using this tax incentive in many ways:
1. First many first time Buyers in essence can use the incentive to pay their mortgage first their year or two in the property.
2. The incentive could be applied to points and pay down the already attractive interest rates to even lower rates. Can you say rates possibly in the 4% range with $8,000 to apply towards the loan it may be possible.
3. With today's markets at an all time low $8,000 applied towards retirement could go a very long ways over the next 20 to 30 years.
4. If all else fails go by that new Hybrid you always wanted, Uncle Sam has agreed to make your payment for the next next 20 months for buying a home
Now if our great leaders could only wake up and see the the obvious answer. It is all about the "Jumbo" if we want to fix the economy.