Bill Calls for $15,000 Any-Time Home Buyer Credit

By DIANA GOLOBAYJune 16, 2009 7:53 AM CST

The Mortgage Bankers Association (MBA) on Monday declared its support for a Senate bill, S 1230 or the Homebuyer Tax Credit Act of 2009, which expands the current first-time home buyer tax credit from $8,000 to $15,000.

The bill also makes the tax credit available to anyone who purchases a principal residence in the year following the enactment of the bill. The MBA is already calling for monetization of the credit at the closing table on the grounds that more consumers will become home buyers if they don’t have to struggle to put away a substantial down payment.

“The current $8,000 credit for first-time buyers has had a positive effect on the housing market this year,” said MBA chairman David Kittle in a media statement. “Increasing the amount and expanding the benefit to include all home buyers will have an even larger impact in spurring the housing market and stabilizing the economy.”

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