President Barack Obama signed the American Recovery and Reinvestment Act into law Tuesday, which is great news for first time home buyers. We’re sure that some of you may have questions as to how it will affect you, so we have listed here the highlights of the bill: The tax credit is equivalent to 10% …
Here is the wording of the section of the new H.R. 1, THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009 that deals with the proposed $15,000 tax credit: “Refundable First-time Home Buyer Credit. Last year, Congress provided taxpayers with a refundable tax credit that was equivalent to an interest-free loan equal to 10 percent of …