After several days of negotiations between the White House, Senate, and the House of Representatives the American Recovery and Reinvestment Act of 2009 was finally passed; the final version setting the stimulus bill at $787.2 billion.  The Recovery Act will be signed into law on Tuesday, February 17, 2009 by President Obama.

Although there are a few reservations regarding the governments involvement in, and future consequences of a $787.2 billion stimulus package, many agree that action needs to be taken to create some relief from our current fiscal crisis.  The 2009 Recovery Act will contribute to: our transportation system, energy investments, state budgets, local government budgets, broadband Internet expansion, tax breaks, and initiatives for job creation.

For Ventura County home buyers and home owners the 2009 Stimulus package offers some promising incentives such as:

For Ventura County Home Buyers:

• In 2008 the conforming loan limits were increased to $729,750.  The American Recovery and Reinvestment Act of 2009 reinstates the $729,750 conforming loan limits until December 31, 2009.

• The 2009 bill will offer the first time Ventura County home buyers a tax credit in the amount of $8000 providing you purchase a home in Ventura County between January 1, 2009 to December 31, 2009.  The credit does NOT have to be paid back to the government unless the buyers sell their home within 3 years after the date of close of escrow on their Ventura County home.

For Ventura County Home Owners:

• The American Recovery and Reinvestment Act of 2009 offers incentives to existing Ventura County home owners for going Green.  A tax credit of up to $1500 is given to Ventura County home owners who make some “Green” home improvements.  These Green home improvements include, but not limited to, energy efficient windows, doors, and furnaces.

Source: Realtor.org

Not all the money allocated to the 2009 stimulus package will be spent right away.  However, the credit given to first time home buyers is something that most Ventura County home buyers should consider as a great aid to start the American Dream of Homeownership.

If you need any help with purchasing a home anywhere in Ventura County please don’t hesitate to call me, Mana Tulberg: (805) 443-8898.