As we have all heard by now, the Obama Stimulus Plan has been approved by the House and the Senate and will be signed into law. Here is the Bill text: A & B which is all 1091 pages of legislation or you can read the Joint Explanatory Statement: A & B which is only 421 pages, all for your reading pleasure.
Preliminarily, this is what I know:
- The loan limits are being raised to $727,000 in high cost areas, not sure how that will affect us here, in Arizona.
- The home buyer tax credit will be raised to $8,000 with no payback, a true credit.
- Fannie Mae has agreed to lift the cap of 4 investment properties eligible for loans and raised it to 10.
- The $15,000 tax credit was eliminated from the bill.
I will take some time to read over the bill in the next few days and post my thoughts on the real estate related portions of the bill later this week. In the meantime, I found a great article by The Washington Post about their take on how the stimulus bill will affect Americans.