What most people don't realize is that the 7500 tax rebate for First time home buyers established last year as part of the Housing stimulus bill is actually a loan. It must be repayed $500 per year starting in 2010.
But if changes that are being discussed are made the $7500 will not have to be repayed. The Tax rebate has not had the effect that our elected officials had anticipated, so they are trying to up the ante. Other ideas that are floating around would extend the tax incentive to all home buyers and would even be larger than $7500. The Treasury is also considering investing in mortgages to help lower rates and make more money available to potential home buyers.
Either way this could be good news for would be home buyers. However, you don't want to wait too long. the $7500 Tax rebate expires July 1, 2009
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I got a call today asking me about this. I think it would be great if it were.
I think the Stimulus Act also provides for the amount to be increased to $8,000. Of course, it only applies as a tax credit if you're earning less than $150K a year as a married couple.
Elizabeth, I wish they had done more but we will hae to work with what we got.