Welcome to the official Blog of BuyOwner.com

BuyOwner.com buy sell trade rent

  • Home
  • About BuyOwner.com
  • Popular Posts

Proposed Expansion of the First-time Home Buyer Tax Credit

Jul30
2009
Leave a Comment Written by Carrie

firsthouse

Earlier this year, the Buy Owner Blog covered one of the most important incentives for buyers in 2009: the tax credit for first-time home buyers.

Those who had purchased their first home before July 1, 2009 would have been able to take advantage of a federal tax credit worth up to $7500 as long as they met a list of specific requirements. Essentially, if the first-time buyer received the federal tax credit, it would have worked like an interest-free loan.

Now that the date for acquiring this credit has expired, a proposal in Congress wishes to extend this procedure to June 2010 and to increase the credit to up to $15,000. Although it is currently a buyers’ market, the tough economic times doesn’t really make it any easier for buyers to purchase homes. This new tax credit would continue to encourage potential first-time homeowners to buy a house.

This Homebuyer Tax Credit Expansion Act 2009 bill not only asks for an extension of time and an increase in the amount of money possibly acquired. It also calls for a repeal on the homeowner requirements, allowing any first-time home buyer to qualify for this tax credit. The bill was referred to the House Committee on June 16, 2009, and has yet to be voted on by either the House or the Senate.

Should any first-time buyer be allowed to receive this tax credit or should the old requirements still stand? And if the bill is approved by both the House and the Senate, do you think it will be approved by President Obama? Feel free to leave a comment.

Related Reading

  • Housing Market Theories for 2010
  • Senate Bill is Big News for Homeowners and Builders
  • Home Sales Rise in Illinois
  • Why to Buy & Sell in Winter
Posted in Market News - Tagged congress, expansion, first-time home buyer tax credit
SHARE THIS Twitter Facebook Delicious StumbleUpon E-mail
« Summer Events: Chicago
» Tankless Water Heaters

No Comments Yet

Leave a Reply Cancel reply

You must be logged in to post a comment.

About the BuyOwner.com Blog

Welcome to the BuyOwner.com Blog, your source for regularly updated market information!

Founded in 1984, BuyOwner.comĀ® is the leading provider of real estate marketing services. We pioneered the "For Sale by Owner" (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

You can read more about BuyOwner.com here.

Article Archives

Buy Owner Links

  • BuyOwner.com on Facebook
  • BuyOwner.com Testimonials
  • BuyOwner.com Website
  • Twitter: Buy Owner

Blog Roll

Real Estate Top Blogs Real Estate Blogs - BlogCatalog Blog Directory Add to Technorati Favorites Find the best blogs at Blogs.com. Blog Directory Home Improvement Blog Directory

Subscribe

Enter your email address:

Delivered by FeedBurner

Tags

31 reasons to sell with buy owner adding value to your home buying a home buying a house buy owner Buy Owner experience curb appeal decorating eco-friendly eco-friendly tips environment florida fsbo Green Living holiday home decorating Home Improvement home improvements home ownership home selling how to sell your home interior decorating interior design kitchen Market News moving real estate real estate market real estate selling real estate tips Regional Info selling selling a home selling a house selling Buy Owner selling by owner selling for sale by owner selling fsbo Selling Tips selling with buy owner selling your home spring staging using buy owner winter

EvoLve theme by Blogatize  •  Powered by WordPress BuyOwner.com Blog
Tips and info for people selling & buying their homes "Buy Owner"