More Support for $15,000 Tax Credit for Home Buyers

The Mortgage Bankers Association just announced its support for Sen. Johnny Isakson's (R-GA) $15,000 home buyer tax credit. In a press released issued today, David Kittle, Chairman of the Mortgage Bankers Association stated his support of SB 1230, The Homebuyer Tax Credit Act of 2009:

"Stimulating the housing market is one of the best ways Congress can help accelerate the recovery of our national economy. Offering $15,000 to potential homebuyers is a powerful incentive that I believe will jumpstart the housing market.

"The current $8,000 credit for first-time buyers has had a positive effect on the housing market this year. Increasing the amount and expanding the benefit to include all homebuyers will have an even larger impact in spurring the housing market and stabilizing the economy.

"As this bipartisan proposal moves forward, we hope that policy makers will make the tax credit refundable as a tax refund if the person's tax liability is less than the amount of the credit, so borrowers can take full advantage of this benefit. In addition, we believe that the tax credit ought to be made available at the closing table. One of the greatest hurdles for many homebuyers is saving money for their down payment. If this money could be made available at the closing table, as FHA has done with the existing tax credit for first-time homebuyers, it will have the potential to help even more borrowers."

I've just checked out the NAR and NAHB websites - nothing yet on Isakson's proposed legislation. But, stay tuned. I'm willing to bet it happens within 48 hours.

Read More: How About a $15,000 Tax Credit for All Buyers, Even Millionaires?
Photo Credit: Sen. Isakson's official Senate photograph, from his website.