$15,000 Bonus for Home Buyers?

On Wednesday, February 4, the U.S. Senate unaminously approved a proposal that would allow a tax credit of home buyers of 10% of the value of new or existing residences, up to a $15,000 limit. Study's estimate that it would cost $19Billion and would be part of the current stimulus package that is being put together.

This credit, as currently designed, would not be a loan that would have to be repaid and would not be limited to 1st time home buyers. It would be open to anyone buying a home before the end of 2009 and would require the buyer to stay in the home for a minimum of 2 years.

This program, if given the final ok, would replace the current $7,500 tax credit program that requires the buyer to pay the credit back.