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.