$15,000 to ALL Home Buyers?!?!

***Update 2/12*** Looks like this won’t pass afterall. We should have known it was too good to be true! I am reading now that the Stimulus Package is going through without this piece in it.

A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August.



Wow, if this won’t move the real estate market, I don’t know what will. I am so hopeful for this legislation to pass! I’m sure more details will come soon about if/how/when it will be repaid and how to get it. I am very happy that they are considering opening it up to all buyers rather than just first-time buyers.

Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

What would you do with your $15,000? Some people say they would apply it to the mortgage principal, I think I would use it to pay off higher interest rates loans like credit cards. Would you go on a shopping spree or take a vacation? Use it for furniture and appliances in your new home?

Leave a comment!


4 thoughts on “$15,000 to ALL Home Buyers?!?!

  1. Erin says:

    I am already getting the $7500, but I want more! 🙂

    Too bad this doesn’t solve the problem of too many people having terrible credit!


  2. Stephanie Thompson says:

    Is this only for buyers in ’09 and beyond? I had heard something about it being retroactive to late spring of ’08. We purchased in July of ’08 and would love to be able to claim some $$ if possible! 🙂 Great blog by the way!


    • Michelle Morris says:

      Thanks for the comments and the compliment! I don’t know yet whether this will be retroactive to include people who bought their homes in 2008 or even when it will begin. The more the merrier though, in my book!


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