Congress Passes Housing Bill – Want a Tax Credit?

Congress has passed a $300 Billion Dollar Housing Bill and President Bush sez he’ll sign it.

A couple of key points:

1.  ” a $300 billion program to refinance loans for struggling borrowers, and a dramatic rescue plan for embattled mortgage finance firms Fannie Mae and Freddie Mac.”

2.  It also includes tax relief for future home-buyers and current homeowners. Those buying a home between April of this year and through June of next year would receive a tax credit for 10% of the value of their home, up to $7,500, while current homeowners who do not itemize their tax returns would be able to deduct up to $1,000 for property taxes.

Want to read the Wall Street Journal Article – Congress Passes Housing Bill

I’ll share more details early next week.