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The California Association of Realtors notes the following housing benefits in the recently passed stimulus bill:

"On the housing front, the good news is that the legislation resets the conforming loan limit cap at $729,750, up from $625,500. Numerous counties in California experienced a marked decrease in their conforming loan and FHA limits on Jan. 1, and the stimulus bill reinstates 2008 loan limits through Dec. 31, 2009.

The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009.  Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit."

I think there are likely to be income limits (meaning the credit is going to either be reduced or eliminated based on your income level).  Details are not yet available but are expected soon.

If you want additional information or if you have any questions, please do not hesitate to call me or email me.  (714) 863-5485 johnsonlaw@sbcglobal.net

-m