The U.S. Senate unanimously approved an amendment to the economic stimulus bill by U.S. Republican Senator Isakson, Georgia., that gives a $15,000 tax credit to anyone who buys a home in the next year.
The amendment would provide:
- A tax credit to any homebuyer who buys any home.
- The amount of the tax credit would be $15,000 or 10% of the purchase price, whichever is less.
- Purchases must be made within one year of the legislation's enactment, and the tax credit would not have to be repaid.
Be sure to follow the amendment. Home prices may continue to drop, but this may provide a big incentive for US consumers to start purchasing homes again!
Do you know anything about the effort to lower the FHA interest rate to 4%?
Hi JC,
No, haven't heard anything in that regard...
Vince