Wednesday, August 26, 2009

New Bill (Howard C. Rep NC) Seeks To Improve & Expand Home Buyer Tax Credit

Okay, the name for this new bill may not be as catchy as "Cash for Clunkers" but you gotta love it: Home Ownership Moves the Economy(HOME) Act of 2009 - HR 2801.

It would continue the current tax credit for first time homebuyers set to expire on December 1, 2009, with a couple of notable changes:
- Income restrictions would be removed
- Buyers do not need to be first time buyers

Okay, everybody, all together now "SHHHHHHHHHHHHHHHHHH". For those of us who decided not to take a vacation in October and November to handle the "rush" of people trying to beat the deadline, this will squash that idea.

Who will rush to buy if they extend the tax credit anyway?
Well, they will be the same kind of people that have contributed to a record year for me in the mortgage business, but a different breed -
They are potential first time buyers who make way too much money to qualify and get KILLED each year paying income tax. They may be jumping off the fence when they reads this.
And people like them are much more likely to help the economy (they have more disposable income) than first time lower income home buyers...

Stay Tuned...