The bill just passed the house earlier today. It's expected to be voted on in the Senate tonight, and sen to the President for signature.

As passed in the House, you would still fall under the original law that provided your $7,500 "credit" (which as you are aware, is really an interest free loan). The new law appears that it will take effect for homes purchased between Jan 1, 2009 and Dec 1, 2009 and is not retroactive.

In theory, it could change in the Senate, but that is very unlikely.

I've written a series of article about the Stimulus home buyers tax credit. Link is below.

Thank you very much :-) I appreciate everyones answers

Hi Anna!

At this moment, you would still have to repay your $7,500 tax credit. However, as the 2 previous agents have mentioned, the NEW bill that just passed Congress but has yet to be signed by President Obama, may very well amend that requirement. Best thing for you to do right now is sit tight, wait till the bill is signed by the President, and then check back with us for accurate details. Make sense?

Great question!

...randy

The most recent bill that is set to be voted on today will amend previous bills. It looks like the final bill will allow for a tax credit up to $8000 for first time homebuyers that will have to be repaid only if the homebuyer sells their house within 36 months of the purchase date.

The new bill is not final yet, and details may still change. However, you should consult a tax professional to determine how your situation will be affected if the new credit does go into effect.