Last August we reported on the $7500 tax credit available to first time home buyers.

Now, the $790 billion stimulus package hammered out by House and Senate conferees late last night will increase the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.

The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.

The credit remains open only to first-time buyers (those who haven’t owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.

If you’re a first time buyer, this is great news and just one more reason to buy. You may never have it this good again.

UPDATE: This government offer expires December 1st 2009! For more info call 407-290-3408.

See also our latest post at the Orlando Real Estate Pros Blog.