$15,000 Home Buyer Tax Credit Proposal
By: Diana Olick
With mortgage interest rates creeping higher again (and yes, I realize by historical standards, they're still low, but as a housing stimulus they would need to be below 4 percent), a new idea is floating around industry associations and Capitol Hill. It's another home buyer tax credit. The current $8000 credit for first time home buyers only expires November 30th. The new proposal is for a $15,000 tax credit for all home buyers.
A new bill from Sen. Johnny Isakson (R-GA), who used to be in the real estate business, would not only offer a bigger credit to a wider swath of potential home buyers, it would also removed the income caps ($75,000) that kept a lot of buyers out of the current credit.
It's debatable just how much the first time home buyer tax credit juiced the spring housing market. It certainly didn't hurt, but some say it wasn't nearly enough, given its limitations. Even allowing borrowers to monetize the credit up front, which HUD recently announced, left a lot of earlier potential buyers out.
Click HERE to finish reading the article!
Source: CNBC
Comments (0)Subscribe to CommentsComment