About me

I am Jean-Marie Caterina, owner of the Caterina MacLean Group, The Maine Real Estate Network , 75 John Roberts Road, South Portland, Maine . My office number is (207)774-4224 and my direct line is (207)318-3440.
Check us out at www.wesellmaine.com

Tuesday, October 20, 2009

Congress looking to expand Homebuyer Credit

Congress is considering the expansion of the $8000 tax credit to include all homebuyers who meet eligibility requirements. There are several proposals now before committees that would expand the credit from $8000 to as much as $15,000. Currently the full credit is available to first time buyers who make $75,000 or less ($150,000 for joint filers) and a partial credit for individuals making between $75,000 and $95,000 ($150,000 to $170,000 for joint filers.) Those in favor of extending the credit's scope say that doing so will boost home sales, stabilize housing prices, and create jobs.

Mark Zandi, chief economist of www.MoodysEconomy.com favors extending the credit until June 2010 according to a recent post on that website. He cites the impact of housing on the economy as a whole.

(Thanks to e news from Franklin Mortgage for the facts cited above!)

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