Expanded First Time Home Buyer Credit in Congress
There is plenty of talk about the first time home buyer credit and whether it will be continued, expanded or cut off. One of the options out there is the (creatively named) Home Ownership Moves the Economy(HOME) Act of 2009. HR 2801 was introduced by Howard Coble (R-NC).
This bill would continue the current tax credit for first time home buyer currently set to expire December 1, 2009. However, there will be a couple changes:
- No more income restrictions
- Buyers do not need to be first time buyers
For buyers who couldn’t qualify for the tax credit because of income or having already owned a house, this is a huge difference. Get ready for an even larger chunk of the population to enter the home buying fray if this bill passes.
With more disposable income, home ownership experience and potential equity in their current property, there will be an increase in buyers AND sellers. So if HR 2801 passes, get ready!
