Yesterday, USA Today reported that Congress is considering an extension of the first-time home-buyer credit due to expire this fall. Some in Congress are even proposing to raise the credit from $8,000 to $15,000 and apply it to anyone who buys a home.

It seems likely the credit will be extended beyond the fall as there are a few proposed House bills to do so. Each bill carries a different twist beyond merely extending the credit past the fall.

According to the article,  four separate proposals and ideas to continue to spur the housing market have emerged:

1. A Senate bill submitted by Sen. Johnny Isakson, R-Ga., and co-sponsored by Senate Banking Committee Chairman Chris Dodd, D-Conn., proposes raising the credit to $15,000 for any homebuyer with no income limitation. This bill was entered last month.
2. Rep. Kenny Marchant, R-Texas, last month submitted a House bill that would extend the current $8,000 credit for first-time homebuyers through June 2010 and would also provide a $3,000 tax credit to current homeowners who refinance.
3. Rep. Eddie Bernice Johnson, D-Texas, introduced a bill that would extend the $8,000 credit to 2010 and now include ALL homebuyers.
4. The Business Roundtable, a separate group composed of CEOs from large companies, earlier this month asked Congress to raise the credit to $15,000 and make it available to all homebuyers.

Of the four options, tell us which one you think is best and why.

Craig Bland - Academy Mortgage - 678-234-0545

Read the article at

http://www.usatoday.com/money/economy/housing/2009-06-22-homebuyer-credit-may-be-extended_N.htm