Yesterday, President Obama signed into law a 787 billion dollar stimulus bill. Homebuyers stand to gain from key provisions in this stimulus plan. Here’s what I know so far…

Qualified first-time homebuyers may receive a tax credit up $8,000 for homes purchased between January 1, 2009 and November 30, 2009.

The tax credit starts phasing out for couples with modified adjusted gross incomes (MAGI) above $150,000 and single filers whose MAGI exceeds $75,000. The credit will not need to be repaid as long as the homebuyer retains the home for 3 years.