topic Re: 15,000 TAX CREDIT in Mortgage Loans

15,000 TAX CREDIT

bsal — Fri, 03 Jul 2009 11:38:59 GMT

Hey guys does anybody have anymore news or has anybody heard if they are in-fact going to up the tax credit to 15,000 or whats the status on it? if anybody has any updated info please post i really hope they do it, that would be a blessing

Re: 15,000 TAX CREDIT

Anonymous — Fri, 03 Jul 2009 12:41:32 GMT

There is a bill that was introduced in the Senate to change the first time homebuyer tax credit by raising it to $15,000 and removing the income caps. It would be available for 1 year.

However, the $15,000 would no longer be a "refundable" credit, but would be able to be taken over 2 years up to your tax liability. Which means, if you only pay $2,000 a year in federal income taxes, you would only get $4,000.

The House introduced a bill to just extend the existing credit for 1 year.

Both of these bills are in committee at the moment, with no indication that they will be brought out of committee until closer to the end of the current credit. At which time, expect some mixture of these two bills. I would fully expect the credit to be extended, possibly raised to 10 or 12k, maybe raise the income caps, and keep the credit refundable.

Re: 15,000 TAX CREDIT

bsal — Fri, 03 Jul 2009 12:54:11 GMT

thanks for that info very informative

Re: 15,000 TAX CREDIT

Anonymous — Fri, 03 Jul 2009 20:37:55 GMT

Here's a link to a site that has specific articles, blogs, etc. on the proposed bill:

http://www.opencongress.org/bill/111-s1230/show

Re: 15,000 TAX CREDIT

getting2work — Sat, 04 Jul 2009 02:12:24 GMT

I really hope that they just extend the current credit. It seems like the other would not nearly be as good when it is all said and done. I guess it would vary for many people depending on their personal circumstances.

Re: 15,000 TAX CREDIT

Anonymous — Sat, 04 Jul 2009 05:34:59 GMT

Ya know, it strikes me that if this credit keeps getting extended and/or enhanced, eventually it will get built into home prices. In other words, if everybody's going to get a $15,000 credit, sellers are going to start setting prices $15,000 higher.

Re: 15,000 TAX CREDIT

Anonymous — Sat, 04 Jul 2009 05:57:15 GMT

I hope what you're saying is true, because if people are willing to pay an extra $15000 for the same amount of house, then the market will have improved.