There’s some indication that the $15,000 home buyer tax credit that was squelched in Congress months ago may have new life.

Originally, the idea was to give anyone a $15,000 tax credit for purchasing an owner-occupied residence. However, that plan was replaced by the current law which awards a tax credit of up to $7,500 for first-time home buyers only.

The attempt to revive the $15,000 tax credit is being carried out by House Republicans.

The Washington Post reports:

“Under the proposal, borrowers refinancing their mortgage would be eligible for $5,000 to help cover closing costs or to reduce their principal balance. The plan also revives a $15,000 home buyer tax credit proposal that Republicans pushed last year. This time, the proposal would require the borrower to have at least a 5 percent down payment. Both programs would expire in July 2010.”

So, that’s 5k to help you get into a house and an extra $15,000 at tax time. Although the minority party may not have a good chance of putting this bill through, it would be a helpful boost to potential homeowners, including those looking for creative financing solutions.

Can you imagine how useful this law could be for borrowers looking to purchase one of those $30,000 condos in Vegas? What a deal!

See Also:

Creative Re-Financing: Obama’s New Foreclosure Plan

Buying a Home on a Credit Card

Tags | creative financing, first time homebuyer tax credit, home buyer tax credit, Making Home Affordable