I'm waiting to buy

Currently, any first time homebuyer (the exact definition is that you have not owned a house in the past 3 years) has access to an interest free, 15 year loan from the federal government for $7,500.  That may be changing soon.

An amendment to the stimulus package currently making its way through the Senate would up that credit to $15,000 and eliminate the interest free loan portion of it, so you would not need to pay it back.

Keep in mind, the true tax benefit would be 10% of the purchase price, or $15,000, whichever is less.  In my case, you can't find anything around here for under 200k so that doesn't matter.

At this time, I'm looking for a house but there's no way I'll buy until the bill with this amendment either passes or fails.  I am not going to leave $15,000 sitting on the table.