First time homebuyer credit Time frame

[Skeemo]

Has anyone read the new bill as will be signed Tuesday by the President?
Specifically, what is the starting date for the $8000 credit? The date of the new bill? When signed? Jan 1st?

Also, is it going to be a "refundable" credit?

Thanks,

[jimmcg]

Has anyone read the new bill as will be signed Tuesday by the President?
Specifically, what is the starting date for the $8000 credit? The date of the new bill? When signed? Jan 1st?

Also, is it going to be a "refundable" credit?

Thanks,

Starting date January 1, 2009 and is a refundable credit.........Read related post "CCH Tax Briefing" for specifics and printable summary of bill. Purchases on or after April 9, 2008 and before January 1, 2009 continue to be covered by the original first-time homebuyer credit enacted last year.

[Black Bart]

Pay back?

I heard something about the "new" credit possibly being an outright grant rather than a 15 year loan. Is there anything to that rumor?

[Skeemo]

Payback of First Time Home Buyers Credit

According to the CCH article, no payback is required if homeowner stays in home 36 months.

Thanks for the info.