First-Time Home Buyer Tax Credit to Rise?

Lawmakers are hoping for an expansion of the tax credit helping first-time home buyers and current home buyers that have a home to sell. First time home buyers make up about 40% of the current home purchases. This statistic, lawmakers feel, is not stimulating the housing industry enough.

Here are some key points of what lawmakers would like to see happen:

*Â Changing the top Tax Credit amount from $8,000 to $15,000.

* Extend the purchase deadline from November 30, 2009 through to mid year 2010.

*Â Extend the tax credit from first-time home buyers to all home buyers

* Offer another tax credit of up to $3,000 for home owners who refinance.

Remember there are income caps and you do have to stay in your home for 3 years to avoid paying back the tax credit.

Read more in this USA Today article.

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