I have written my Congressman asking that the "powers that be" look at getting a change to the current $7500 Tax Credit that was passed last year. I feel if the credit does not have to be paid back it would help people make the move to new home ownership.
Well, a bill that would dramatically expand the 2008 home buyer tax credit has been introduced in the U.S. Senate!!! Whoopee!!
The Senate Bill 253 was sponsored by Sen. Johnny Isakson (R-Ga.), would amend the tax code and would do the following:
* Include all buyers of primary residences, as opposed to just first-time home buyers;
* Extend the tax credit period from July 1, 2009, to Dec. 31, 2009;
* Limit the repayment requirement to those buyers who resell their homes within three years; (This is a big concern of mine. If people take the current tax credit and need to sell their home in a few years, they may be upside down and not have the funds to sell.)
* Increase the amount of the credit from a flat $7,500 to 10 percent of the sale price of the house, capped at 3.5 percent of FHA loan limits, ranging between approximately $10,000 and $22,000; (This increase would be great, but the $7500 is awesome too!)
* Monetize the credit to make the funds available at closing to cover the down payment or other expenses related to the purchase; and
* Allow the credit to be used in conjunction with mortgages financed by state or local bonds.
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