Biden’s $15K first-time homebuyer tax credit now a bill

Source: Georgia Kromrei, HousingWire

New legislation, dubbed the “First-Time Homebuyer Act,” is a bill that would provide a tax credit for first-time homebuyers of up to 10% of the purchase price, or $15,000.  In order to be eligible for the full credit, potential buyers must not have owned or purchased a home within the past three years.

The program would be targeted to low- and middle-income earners. Participants must also make no more than 160% of the area median income, and the home’s purchase price must be no more than 110% of the area median purchase price. Borrowers could claim the credit for primary residences purchased after Dec. 31, 2020.

Read Full Article: Biden’s $15K first-time homebuyer tax credit now a bill

 

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