7500 Tax Credit First Time Homebuyers

By
Real Estate Services

I have written my Congressman asking that the "powers that be" look at getting a change to the current $7500 Tax Credit that was passed last year.  I feel if the credit does not have to be paid back it would help people make the move to new home ownership.

Well, a bill that would dramatically expand the 2008 home buyer tax credit has been introduced in the U.S. Senate!!! Whoopee!!

 

 The Senate Bill 253 was sponsored by Sen. Johnny Isakson (R-Ga.), would amend the tax code and would do the following:


* Include all buyers of primary residences, as opposed to just first-time home buyers;


* Extend the tax credit period from July 1, 2009, to Dec. 31, 2009;


* Limit the repayment requirement to those buyers who resell their homes within three years; (This is a big concern of mine.  If people take the current tax credit and need to sell their home in a few years, they may be upside down and not have the funds to sell.)


* Increase the amount of the credit from a flat $7,500 to 10 percent of the sale price of the house, capped at 3.5 percent of FHA loan limits, ranging between approximately $10,000 and $22,000; (This increase would be great, but the $7500 is awesome too!) 


* Monetize the credit to make the funds available at closing to cover the down payment or other expenses related to the purchase; and


* Allow the credit to be used in conjunction with mortgages financed by state or local bonds.

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You can find great local Milwaukee Wisconsin area real estate information on Localism.com April Hayden-Munson Realtor, Southeastern Wisconsin is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business. Serving Milwaukee, Waukesha, Washington counties and the surrounding area.

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7500 tax credit
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Comments 7 New Comment

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Ambassador
1,484,817
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty

April, paying it back was never in my mind the proper use of the term credit. A better bill needs to be written.

January 27, 2009 04:24 PM
Rainmaker
437,009
JL Boney, III
Columbia, SC Real Estate
Russell and Jeffcoat

This would be an interesting event, I'm sure I would like to be able to tell some of my buyers about this being passed.

January 27, 2009 08:23 PM
Rainmaker
671,247
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Interesting.  Does it make sense to give more than $7500, when all over the country, foreclosures are increasing because homeowners received 100% financinng and didn't lose anything by walking away after a few years?  I really think the buyer needs to save up and work for the down payment.  Great article!

January 27, 2009 09:21 PM
Rainer
131,867
Jon Wnoroski
Summit County Realtor
America's 1st Choice RH Realty Co., Inc.

Hi April - This certainly is good news (in my view) and I have written a few posts related to this credit.  I have found while some/most Realtors(R) favor the elimination of the repayment requirement some lenders have voice negative views on this topic; some have even called it "socialism:" however, they appear to be throwing that term around rather "loosely."  I'm looking forward to the passing of the bill you mention and certainly do feel it will help turn around the housing industry.  Thank you for your post.

January 28, 2009 08:28 AM
Rainmaker
244,206
April Hayden-Munson
Brookfield Wisconsin Real Estate

Gary - I don't like it's called a credit either, I'm sure many first time buyers don't understand that they have to pay back a "credit"!

January 28, 2009 02:10 PM
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Rainmaker
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April Hayden-Munson

Brookfield Wisconsin Real Estate
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