This could be good news for Mesquite Nevada home buyers who buy a home as a principal residence. The $7500 tax credit was actually a loan with no interest for 1st time homebuyers, yes, it did have to be paid back. This new $15000 tax credit, if approved, may actually be a tax credit for those who purchase a principal residence - and not just for first time home buyers.
Luke Mullins on the Home Front has an article with The 6 Things You Need to Know about the 15000 Credit.
You will NOT be able to use both the 7500 1st Time Buyers tax credit and the 15000 tax credit.
The 15000 tax credit has NOT been passed into law! When/if it is - there will likely be changes to the initial amendment.
As Jay Thompson says, there are 15000 Questions about the 15000 Tax Credit.
From Alan Gross, a Bethesda Maryland loan officer:
Via
Alan Gross (National City Mortgage):
Will There Be a $15,000 Tax Credit For Homebuyers?
A new amendment to the economic stimulus package working it's way through congress was unanimously approved on February 4th. The amendment proposed by U.S. Senator Johnny Isakson, R-Ga. would increase the current "tax credit" of $7,500 to $15,000.
The amendment would provide a direct tax credit of 10% of the purchase price up to a maximum of $15,000 for the purchase of a home. The property purchased must be used as a primary residence. The credit would allow taxpayers to claim the credit on their 2008 tax return. Under the amendment the tax credit would have to be repaid if the home is sold within two years of the purchase. Purchases would have to be made within one year of the legislations enactment. The tax credit will not be limited just to first time homebuyers.
The legislation would sunset the current $7,500 housing tax credit.
"It is time to fix America's problem, not throw money at the symptoms. It is time to fix housing first. It is rare that we have a road map to success in times of difficulty, but this country has once before realized a housing crisis every bit as bad as the one we have today and economic troubles every bit as dangerous," Isakson said. "We have a pervasive housing problem, and we have a historical precedent that works. I am proud this Senate has joined together, learned from history and repeated a method that worked by adopting this amendment."
To view the press release: Senate Unanimously Approved Isakson Amendment to Stimulate Housing Market.
This amendment could have positive effect on real estate sales in 2009. I will continue to monitor the progress of the legislation and keep you posted on it's progress.
Call me with any questions you have concerning the current market.
Mesquite Nevada Real Estate Agent ~ ~ ERA
Virginia Hepp ~ Mesquite Realtor
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Virginia: Thanks so much for researching the details on this incredible tax credit. And... the fact that it would only have to be repaid if the subject home was resold within two years makes it a great stepping-stone move for buyers who would want to be sellers two-plus years from now. Thanks for sharing.