The bill is passed that authorizes the tax credit for first time home buyers. This was the American Recovery and Reinvestment Act of 2009. If this is the bill you are referring to. If not, I do not know of another bill, rather some executive policy statement from HUD/FHA is what we’re waiting for.

We’re really waiting for is the HUD – FHA to clarify how they intend to allow authorized FHA lenders and other HUD approved non profit counseling agencies to offer the short term bridge loan. Once this is clarified, lenders will be able to lend money rather quickly. This tax credit policy is only good through the end of November 2009 for first time buyers.

While it is the case that right now, first time buyers are not able to get access to this tax credit money until long after they buy their home when they file their 2010 tax return. This means that those home buyers who do not have enough cash for down payment must find a way to get their down payment and closing costs to buy a home now. There are ways to get at this money: see Down Payment Help – What Can I Use For My Down Payment?.

I hope this provides some further clarification on this for you.