A bill was introduced to the Senate on June 10th by Georgian Republican Johnny Isakson and co-sponsored by Senate Banking Committe Chairman and Democrat Chris Dodd which would raise the current federal first time homebuyer tax credit from $8,000 to $15,000.  It would also eliminate many of the current restrictions.  It would eliminate the income caps of $75,000 for single purchasers and $150,000 for couples, would apply to ALL purchasers (even if they had owned a home within the past 3 years), and would extend the purchase deadline from December 1 of 2009 to a year from the date the bill passes into law.  Additionally, it would allow purchasers to split the credit between two tax years if so desired.  It would also extend to multi-family residences, provided they are the primary residence of the borrower.  This additional credit would not be retroactive to purchases made before the bill becomes law.  This bill has received bi-partisan support from lawmakers, as well as The National Association of Realtors and The Business Roundtable.

This is great news for potential buyers who are not QUITE ready to purchase yet - perhaps you are saving up your down payment, cleaning up your credit, or trying to increase your income - but are hoping that the great incentives don't pass you by in the meantime.