Thursday, July 16, 2009

Possible Expansion of First Time Home Buyer Tax Credit

At my link to the NewsVine I just posted a seed to a link from U.S. News and World Report entitled, Will the $8,000 First-Time Home Buyer Tax Credit Expand to $15,000?. Johnny Isakson is at it again. Last February when the stimulus bill got stalled in Congress, Isakson took the opportunity to get his idea for a $15,000 break for every new home buyer passed through the Senate. The House wouldn’t have it and the resulting $8,000 credit that did get passed was to many first time home buyers that I have spoken with, not enough motivation to take the plunge into home ownership. So now that you thought you knew what was going on, the rules may be changing, again.

In addition to increasing the credit from $8,000 to $15,000, additional details are as follows;

  • Extending the tax credit deadline into the middle of 2010.
  • Making the benefit available to all home buyers
  • A tax credit to $3,000 for borrowers who refinance.

If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!


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