Real Estate Home Page - New Action on the $8,000 Tax Credit!

My June 17th post talked about the new $8,000 tax credit for first-time homebuyers. Remember...first time homebuyers are home buyers who have not owned a home in 3 years and meet the income requirements. This is not just for buyers who have never ever owned a home!

Well, the success of the incentive has attracted both legislators and the business community. They like it so much they're pushing to expand the tax credit measure to make it even better. Several bills have been introduced in both the House and Senate lobbying for the expansion.

Here are some key changes being proposed according to USA Today:

<> Increasing the cap from $8,000 to $15,000
<> Extending the tax credit into 2010
<> Making the benefit available to all homebuyers
<> Giving a credit of $3,000 to borrowers who refinance
existing mortgages

This pays keeping an eye on. Stay tuned for emerging developments!

Like more details on the existing tax credit? Check out the following article:

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit?lid=ronav0019

(Be sure to check with your tax accountant for information about how the tax credit personally affects you)