Home Buyer Tax Credit Could Expand!

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If you follow my blog, you are well aware of the fact that the first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle.

Now, both legislators and the business community are hoping to build on the incentive's success by expanding it! A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes are:

  • Setting a new cap of $15,000
  • Extending the tax break into mid-2010
  • Making the benefit available to all home buyers, not just first-timers
  • Offering a separate tax credit to $3,000 for borrowers who refinance

Let's keep our fingers crossed! These proposed changes will benefit many home buyers and really stimulate the real estate market!

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