The FHA maximum loan limits for high-cost areas would also increase to $625,000.
Higher loan limits will make it easier for borrowers to get mortgages, because they’re more likely to be traded if they are considered conforming.
Create home buyer credit. The bill includes a tax refund for first-time home buyers worth up to 10% of a home’s purchase price but no more than $7,500.
The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments by the buyer.
The refund would be reduced gradually for single filers with adjusted gross incomes above $75,000; and for joint filers with AGIs over $150,000. ”
