A very important part of your credit education is staying on top of credit facts in the news. This week we will take a look at things that are happening right now that affect your total financial future.
The Wall Street Journal reported on June 11th that a bill to expand the homebuyer benefit has been introduced in the Senate.
The bill would increase the tax credit to $15,000 from the current $8000 credit for first time buyers.
The proposal would lift the income maximums and apply to all homebuyers, not only first time buyers.
The current tax credit applies to first time buyers only. First time buyers are defined as anyone who has not owned real estate for 3 years. Current income limits are $75,000 for a single person and $150,000 for a couple.
The current tax credit for first time buyers is set to expire on December 1.
While the proposed legislation has the potential to improve the real estate market, the elimination of income restrictions is controversial.
The bipartisan bill is estimated to cost another $35.5 billion over the $2 to $3 billion the current measure is expected to cost.
Keep an eye on this bill to see how it will effect your ability to buy a home this year.
At HOPE we help educate our clients everyday so they can make wise decisions about their financial future. If you would like to know more please call us at 704-503-3669. Our staff is waiting on your call.