$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.

http://news.yahoo.com/s/ap/20090212/ap_on_go_co/congress_stimulus

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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!

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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!

    Like

  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!

    Like

    • 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!

      Like

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