$15,000 Home Buyer Credit Scrapped from Stimulus

Who qualifies for the first-time home buyer credit? A buyer who hasn't owned a principal residence in the three years prior to purchase, and they must also meet the personal income restrictions. They also must own the new home for at least three years in order to avoid paying back the tax credit. The homes must be purchased between January 1 and August 31 to qualify for the credit.

Existing homeowners do get a tax break out of the stimulus plan: those who install new doors, windows or furnaces to increase energy efficiency could get as much as $1,500 back.

Both houses of congress are hoping to have final voting on the plan wrapped up by the weekend.

For first-time homebuyers who want to enter the housing market, or existing homebuyers who want to take advantage of low interest rates - use BankingMyWay's mortgage rate search to find rates in your area.

For more on mortgages and home-buying from BankingMyWay:

"Residential Real Estate Will Lead the Way"

"Mortgage Rates Moving Higher"

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