| Stimulus Schmilulus |
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Last week Congress passed the American Recovery & Reinvestment Act of 2009. President Obama has signed the bill.
Among other things, the stimulus legislation resets the conforming loan limit cap at $729,750, up from $625,500 and reinstates these 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.
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