According to this Wall Street Journal article, Industry Pushes to Extend Home-Buyer Tax Credit, the National Association of Home Builders, other industry groups, and the Business Roundtable, an association of chief executives, are calling on Congress to increase the credit to $15,000 and extend it to all home buyers.
“In February,” according to the article, “Congress approved a 10% tax credit for first-time home purchases, up to a maximum of $8,000. The credit, which expires Dec. 1, phases out for buyers with incomes above $170,000 for married couples and $95,000 for individuals.”
The Business Roundtable is also :
- Pushing for Congress to make permanent recently expanded limits for loans eligible for government backing or purchase.
- Urging policy makers to keep mortgages at or below 5% for one year.
The article provides this estimate: “A buyer typically needs income of $92,000, assuming a 10% down payment, to qualify for a $400,000 30-year fixed-rate mortgage. With rates at 4.5%, the borrower only needs income of around $84,000.”
~ Mary A. Sicard
Mary A. Sicard
Traci Magnus
Rebecca Narkiewicz
Betty Poore
Randolph Walker
islandmitch
Susan St. Hilaire
mccurdy444
jackhurley
davelandry
Kristin B. Walker
James Schiller
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1 Comment
June 26, 2009 at 5:04 am
I don’t think this is such a good idea. On one hand, it could help the economy, I suppose. Nothing’s wrong with a little spending. However, while that’s good, where exactly are the funds coming from?