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Jun 16, 2009 
Georgia republican senator Johnny Isakson, introduced S. 1230, the Home buyer tax Credit Act of 2009. This bill would increase the maximum amount of the credit from $8,000 to $15,000 and expand the current tax credit to apply to ALL home buyers (not just first time home buyers. This bill would eliminate income caps under the current tax law so that there is no income limit for eligibility, and extend the tax credit for an additional year for home purchases made in 2010.
The current $8,000 tax credit has been partially responsible for helping to stabilize the First-time home buyers market for homes at the lower price points. Isakson’s rationale is if the tax credit can be applied by “move up home buyers”, the higher priced home values would begin to stabilize as well. Sounds good, but will this bill have the same affect on the move up market that it has on the lower priced homes? Unemployment rates are still too high, affecting business owners’ income. Credit policy for jumbo financing is very tight. In declining value markets, maximum financing for loan amounts that exceed the conforming loan balance are maxed at 70% loan to value. The Mortgage Bankers Association of America is supporting the bill to expand the reach of the tax credit: MBA supports bill for $15,000 tax credit
Remember, a Bill must be passed by both the House and the Senate before being signed into law by the President of the United States. A similar bill was introduced last week by U.S republican Howard Coble: Homeownership moves the economy 2009. Who knows, this may well be the shot in the arm our economy needs.
To get information on using the current IRS tax credit for first time home buyers go to the IRS website
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