If you are about ready to purchase a personal residence you might want to wait. The current credit of $7,500 for first-time home buyers may be expanded to 10% of the purchase price, but no more than $15,000, and will not be limited to first-time buyers.
In addition, unlike the current credit, the new one would not have to be repaid over 15 years, although the House may insist on a phase out for higher-incomers.
In addition, unlike the current credit, the new one would not have to be repaid over 15 years, although the House may insist on a phase out for higher-incomers.
The new credit would be fully refundable and would apply to residences bought within 12 months after Obama signs the bill. The current credit, along with the repayment obligation and phaseout for upper-incomers, would continue to apply until the bill is signed.
