Senators Now Considering A $15,000 Tax Credit For ALL Home Buyers

Senators are now considering increasing the $8,000 home buyer tax credit up to $15,000.

Also, they are considering eliminating previous restrictions so that singles earning over $75K and couples earning over $150K would be eligible under the new plan. And unlike the current $8,000 home buyer tax credit plan, those who have bought a home during the last 3 years would also be eligible.

The new $15,000 home buyer tax credit plan would apply to primary residences and could also include multifamily properties that are bought as primary residences. This would be an awesome incentive and would make home ownership and fixer-uppers more affordable, especially when used in conjunction with the FHA 203K rehab loan program.

The 203K allows home buyers to use a government loan to both buy a home and pay for the rehab, meaning you could only be required to use 3.5% of your own cold, hard cash on a home that requires tens of thousands in rehab.

The $15,000 home buyer tax credit was first floated by Republican law makers a few months ago but was killed by the Democrats. I think the increased home buyer tax credit has a much better chance to pass now since other so called stimulus spending hasn't made much of an impact. Perhaps, they've decided that spending tax payer money to save minnows in California isn't doing much to help the average hard working American trying to support his family.

$8,000 Tax Incentive Now Available To Use At Closing

Consumers across the country can now take advantage of a Federal Housing Administration (FHA) program to allow qualified home buyers to apply the $8,000 tax credit at closing when purchasing a home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger down-payment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate. For further detailed information and a comprehensive Q&A click here.

Dallas Homes Median Sales Prices Through April (non foreclosures)

Dallas Homes Median Sales Prices Through April - 08 versus 09 (non foreclosures)

• Addison, Tx Homes $245,000 $246,250 +0.5%

• Allen, Tx Homes $202,000 $203,900 +0.9%

• Carrollton, Tx Homes $165,000 $171,690 +4.1%

• Coppell, Tx Homes $258,000 $171,690 +5.8%

• Dallas, Tx Homes NE $195,000 $215,250 +10.4%

• Dallas, Tx Homes North $505,365 $486,500 -3.7%

• White Rock Homes $230,500 $240,000 +4.1%

• Uptown Homes $228,000 $247,706 +4.1%

• McKinney, Tx Homes $187,000 $185,590 -0.8%

• Mesquite, Tx Homes $110,000 $108,500 -1.4%

• Park Cities, Tx Homes $799,750 $836,115 +4.5%

• Plano, Tx Homes $222,000 $223,000 +0.5%

• Richardson, Tx Homes $159,000 $165,000 +3.8%

• Rockwall, Tx Homes $182,950 $185,000 +1.1%

• Rowlett, Tx Homes $182,950 $185,000 +1.1%

• Wylie, Tx Homes $166,500 $165,000 -0.9%