More Tax Credit Information for Homebuyers

I have talked about the Federal $8,000 First-Time Homebuyer credit quite thoroughly. And, I have talked about the state funds of 1.2% of purchase price or maximum of $1800 for anyone to use.

As you know, the government spending has faced a lot of criticism, but a lot of that "stimulus" package is geared toward the housing industry because we have to have a "come back". There are current proposals in Congress to help further this opportunity and I thought you might like to know about them. There is no assurance these will pass, or if they do, they could be changed a lot, but I thought I would share those with you.

1. There is a Senate bill to expand the tax credit to $15,000 to any home buyer regardless of income. There is no "First-Time Home buyer" stipulation on this bill.

2. There is a bill to keep the $8000 credit already in place until June 2010 (right now, it is due to expire in the fall of this year). In this bill, there is also a $3,000 credit to homeowners who refinance.

3. Another bill would extend the credit to all home buyers through 2010.

This information is not in any way a reason to "wait" if you are considering purchasing a home, especially if you are a First-Time Home buyer (which only means you have not owned a home in the last three years). NOW IS THE TIME TO BUY! Currently, the $8,000 tax credit will expire in the fall this year. Interest rates are still low, and the home prices are low, and you have a lot to choose from.



Thank you for visiting my blog. To view all North Georgia Real Estate Listings please visit my Georgia Real Estate website.

Feel free to call me at (678)-362-3600 for more information.