As part of the $800+ billion stimulus package passed by the House yesterday, the $7,500 first time home buyer credit was modified so that it is a true credit, and not more of a loan. Last year, the credit (as part of the Housing Recovery Act) was more of a loan in that it had to be paid off over 15 years. This proposed bill is a true credit.

The Senate version, to be voted on next week, is also for $7,500 but has some differences. You can scan this CNN article for more details, but once the final bill has passed both Houses and been signed by President Obama, we’ll have all the details posted here!