Home Buyer Tax Credit Update

By derrick on 01 Jul 2009

Home Buyer Tax Credit Could Expand.

A first time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate market. Now there is talk between both the business community and legislators to expand the already popular tax credit program even further.

Many bills have been introduced in the House and the Senate to expand the current bill. Some of the suggestions are:

  • Placing a new cap of $15,000
  • Extending the time-line to mid-2010
  • Making the program available to all home buyers, not just first time home buyers
  • Offering a separate tax credit of $3,000 for borrowers who refinance

If you have any questions about the first time home buyers tax credit or want to purchase a home and take advantage of the programs offered feel free to contact me at 612-282-7653 or click our contact button at the top right of this page.