First Time Homebuyer Tax Credit...Will it be expanded?

      I believe that now is the time to begin urging your representative to revisit this issue.  There has been some movement toward expanding this tax credit to include all buyers and to increase it's amount to $15,000.   There is an article you can read here, submitted by the office of US Senator Johnny Isakson on this proposed new legislation.

     Additionally, this week we at Coldwell Banker received a summary of ideas discussed at the recent Business Roundatable Discussion held in Washington D.C.  The highlights are these

 

• Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
• Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
• Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
• Make permanent the current temporary conforming loan limits; and
• Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices

     If you believe, as I do, that this will assist all homebuyers and should be considered by the current administration, please contact your representatives and tell them so.  You can locate contact information for your Senators here and your State Representatives here.

     They have a chance to make a difference, and I for one intend to encourage them to do so.