As the Chair of the Minnesota Association of Realtors Governmental Affairs Committee, our Lead Broker often gets the details before others. The President will tomorrow sign into law a greatly expanded Federal home buying stimulus that should increase buyers in price ranges up to $500,000 to $600,000. While the previous stimulus was limited to first time home buyers, and therefore had little impact on the Minnesota market above $250,000, this one is open to buyers who have owned their current home for five or more years. The lower income limits of the previous program were greatly expanded, allowing buyers with annual incomes of up to $225,000 to get the full stimulus, and below $245,000 to get a phased out stimulus (married couple incomes cited). The program starts immediately and is available as long as purchase agreements are signed before the end of April 2010.
Here is an excellent comparison of the new and old programs, put together by staff:
Consult your tax professional for tax advice.
