Stimulus Plan - Tax Credit for First Time Buyers

As I am sure you are by now aware, Pres. Obama signed into law Tuesday the Economic Stimulus plan.  One of the provisions of this bill included a tax credit for first time buyers of homes.  (A first time buyer is defined as someone who has not owned a home in the last three years).  The credit is for 10% of the purchase price, up to an $8000 credit.  The home purchased must be their primary residence.  The purchase must take place between Jan 1 and Nov 30, 2009.  Most importantly, the credit is a “refundable credit”.  This means for example, if the taxpayer has a $5000 tax liability and an eligible credit of $8000, they would receive a refund of $3000.

I have heard from a few people recently that the Oregon Bond program is out of funds.  This is not true - the Oregon bond program is very much alive and does have funding (I understand that they had a bond sale recently).