DoorFly.com: Home Buyer Tax Credit Update

Congress is actively considering an expanded home buyer tax credit, and the Senate has approved the following improvements:

The tax credit amount increases to $15,000.
The tax credit is extended to anyone buying a principal residence.
The tax credit will apply to all purchases occurring within a year after the bill is signed into law.
It is a true tax credit; it does not have to be repaid.

Please call your Senators and urge support for the expanded home buyer tax credit. To reach your Senators, call 1-866-924-NAHB (6242).
Source: http://www.federalhousingtaxcredit.com/

First-Time Home Buyer Tax Credit at a Glance

The tax credit is available for first-time home buyers only.
The maximum credit amount is $7,500.
The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
The tax credit works like an interest-free loan and must be repaid over a 15-year period.

About the First-Time Home Buyer Tax Credit
The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Home Buyer Resources
Home buying a home can be complicated, but fortunately a lot of expert advice is available to help people navigate the experience. The National Association of Home Builders provided these online resources can help make the process smoother.

Buying and Owning a Home Freddie Mac
Buying a Home Department of Housing and Urban Development
The Home Buying Process Federal Housing Administration
FHA Loans Federal Housing Administration
Homeownership Resources Fannie Mae
Home Loan Learning Center Mortgage Bankers Association
Move.com NAHB’s official new homes listing site
Home Loan Guaranty Services Dept. of Veterans Affairs
State and Local Home Buyer Assistance Programs
Housing Publications from the Federal Citizen Information Center
Consumer Information from NAHB NAHB.org
Mortgage information from the Fed Federal Reserve Board
Home Financing Information from the FTC Federal Trade Commission

Real estate affordability will be helped with this tax credit. At DoorFly, we also encourage all home buyers and sellrs to negotiate real estate agent fees and to use a rebate realtor.