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Groups want Congress to boost and extend a home-buyer tax credits

Groups want Congress to boost and extend a home-buyer tax credits

According to this Wall Street Journal article, Industry Pushes to Extend Home-Buyer Tax Credit, the National Association of Home Builders, other industry groups, and the Business Roundtable, an association of chief executives, are calling on Congress to increase the credit to $15,000 and extend it to all home buyers.

“In February,” according to the article, “Congress approved a 10% tax credit for first-time home purchases, up to a maximum of $8,000. The credit, which expires Dec. 1, phases out for buyers with incomes above $170,000 for married couples and $95,000 for individuals.”

The Business Roundtable is also :

  • Pushing for Congress to make permanent recently expanded limits for loans eligible for government backing or purchase.
  • Urging policy makers to keep mortgages at or below 5% for one year.

The article provides this estimate: “A buyer typically needs income of $92,000, assuming a 10% down payment, to qualify for a $400,000 30-year fixed-rate mortgage. With rates at 4.5%, the borrower only needs income of around $84,000.”

One Comment

  • June 26, 2009 at 5:04 am · Reply

    I don’t think this is such a good idea. On one hand, it could help the economy, I suppose. Nothing’s wrong with a little spending. However, while that’s good, where exactly are the funds coming from?

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