It is likely that the final stimulus bill will resemble the version approved by the Senate since any significant changes might not get the Republican support.  There were three Republicans who crossed the aisle and voted for approval in the Senate while none did in the House.

Still under consideration is a $15,000 temporary tax credit for home buyers.  This is double what we currently have in place for first time home buyers and does not have to be repaid.  I have already had calls from potential buyers asking about this.  Another provision we hope is in the final bill is the increase of loan limits for Freddie, Fannie and FHA.  The House bill contained provisions to increase the loan limits to the 2008 levels.  If approved loan limits in high cost areas would increase to over $700,000 which will help more buyers purchase homes and get favorable interest rates on their loans.

Finally are some tax considerations including a $500 credit per worker/$1,000 for dual earning couples if they are making less than $70,000.  In addition there is a one year provision exempting the Alternative Minimum Tax, a temporary tax credit for people who buy a car in 2009 and a $2,500 credit for higher education expense. 

We will have to wait for the final bill and then because it is so massive for the experts to tell us what is in it.  Something many of us don’t think is right for the economy but we are going to get it anyway.