I am reading up on HR 2801. Apparently:

The original tax credit was basically a fifteen year, interest free loan. That was replaced by the current $8, 000 bribe for first-time home buyers (set to expire at the end of November).

HR 2801 is a doozy. Income limitations would be removed and ANY homebuyer could claim the $7, 500/a year for two years credit. It could very well go down as the “Cash for Fixers” bribe this market wants. Call it an upper-middle class neighborhood stabilization plan.

Official Summary
6/10/2009–Introduced.
Home Ownership Moves the Economy (HOME) Act of 2009 – Amends the Internal Revenue Code to:
(1) extend the first-time homebuyer tax credit to all individuals who purchase a principal residence (currently, only first-time homebuyers as so defined);
(2) extend such credit and the waiver of recapture requirements for such credit through 2010; and
(3) repeal the limitation on such credit based on modified adjusted gross income.

Call your representatives and express your support for this bill HR 2801. Right now if you are a homeowner you cannot take advantage of the existing tax credits. This would change that.