First-Time Home Buyer Tax Credit to Rise?

Lawmakers are hoping for an expansion of the tax credit helping first-time home buyers and current home buyers that have a home to sell.  First time home buyers make up about 40% of the current home purchases.  This statistic, lawmakers feel, is not stimulating the housing industry enough.

Here are some key points of what lawmakers would like to see happen:

*  Changing the top Tax Credit amount from $8,000 to $15,000.

* Extend the purchase deadline from November 30, 2009 through to mid year 2010.

*  Extend the tax credit from first-time home buyers to all home buyers

* Offer another tax credit of up to $3,000 for home owners who refinance.

Remember there are income caps and you do have to stay in your home for 3 years to avoid paying back the tax credit.

Read more in this USA Today article.

Related Posts:

A CONSUMER GUIDE TO THE FIRST-TIME HOMEBUYER FEDERAL INCOME TAX CREDIT

First-Time Homebuyer Federal Tax Credit Info

First-Time Homebuyer Tax Credit Details

Great News! Tax Credit Can Be Used for Down Payment

Frequently Asked Questions for First-Time Homebuyer Tax Credit from the National Association of Realtors website, Realtor.org

First Time Home Buyer Tax Credit Loans

First Time Home Buyer Tax Credit Question