First-Time Homebuyer ActA bill recently introduced to Congress, the First-Time Homebuyer Act, seeks to help first-time low- and middle-income earners on the road to one of the American dreams of
FirstTime Homebuyer Act S1368
Dated: May 5 2021
First-Time Homebuyer Act
A bill recently introduced to Congress, the First-Time Homebuyer Act, seeks to help first-time low- and middle-income earners on the road to one of the American dreams of homeownership.
If passed, the bill, S-1368, introduced on April 26, 2021, would provide a tax credit for first-time homebuyers of up to 10% of the purchase price, or a total of $15,000. To be eligible for the full tax credit, a potential buyer must not have owned or purchased a home in the past three years.
In addition, certain other criteria must be met:
Eligible potential owners must also make no more than 160% of the area median income.
The home's purchase price must not exceed more than 110% of the area median purchase price.
Borrowers could claim the credit for primary residences purchased after Dec. 31, 2020.
The home would need to be a primary residence for at least four years, or face taxes to recover a portion of the credit.
The bill is still in its early stages and has not yet been passed into law.
Meet Jenny Rutherford Jenny Rutherford Real Estate, LLC. Where did you grow up? I grew up on a farm at the base of the Blue Ridge Mountains in Virginia. I've lived in several states, including Virgi....
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