Monday, June 22, 2009

First Time Home Buyer Credit Revisited

A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it. A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:

  • Setting a new cap of $15,000.
  • Extending the tax break into mid-2010.
  • Making the benefit available to all home buyers, not just first-timers.
  • Offering a separate tax credit to $3,000 for borrowers who refinance.

Home prices in Orlando have never been better. For all the first time home buyers, should take advantage of the free $8000 the government is giving, while interest rates reamain at historical lows. To start your house hunting, contact Buyers Broker of Florida.