Stimulus Compromise Impacts Mortgage Perks

House and Senate conferences have cut the $15,000 homebuyer tax credit in half, according to sources, and limited the benefit to first-time homebuyers in hammering out the final version of the economic stimulus package. As MortgageWire went to press the conferees have not released the conference report on the $789 billion stimulus bill (H.R. 1) and it is unclear when the House will vote on the final bill. Industry lobbyists are confident the final bill will restore the maximum $729,750 loan limit for Fannie Mae, Freddie Mac and Federal Housing Administration loans for the rest of this calendar year. The $7,500 first-time homebuyer tax credit is due to expire September 1, one source said. The full amount of the tax credit is available to families with a maximum adjusted gross income of $150,000 and $75,000 for individuals.