What is the First-Time Home Buyer Tax Credit?

Dated: September 6 2022

Views: 109

The First-Time Home Buyer Tax Credit is intended to help people build wealth and make homeownership more accessible given high rent prices nationwide. The tax credit was originally introduced in Congress in April 2021 and was one of the Biden Administration's key campaign promises.

https://images.totalexpert.net/userfiles/25070/mktimages/bebdf8c6ae607b0b5.png" align="center" id="m_-4628010740051455347ijmb1x" width="368" class="CToWUd a6T" data-bit="iit" tabindex="0" style="cursor: pointer; outline: none 0px; width: 368px; max-width: 100%; clear: both; display: block; margin: 0px auto; float: none; min-width: 0px;" />

Although the credit has yet to be passed into law, many experts believe it's inevitable. Eligible first-time home buyers would receive a refundable tax credit equal to 10% of the purchase price.

Tax credits would currently max out at around $15K. The exact total would be dependent upon the year the home is purchased.

Source: themortgagereports.com

Blog author image

Rosario & Donna Panzarella

Your Real Estate Journey. Streamlined with Dual Expertise.At TrueNorth Group, we're more than just a real estate team—we’re a fully licensed duo in both real estate and mortgage lending, o....

Latest Blog Posts

Selling in a Winter Wonderland

Spring gets all the attention, but it’s not always the best time to sell a house. Yes, more buyers show up, but so do a lot of other sellers.Winter is different. With fewer homes on the

Read More

Your House Is High on Every Buyer’s Wish List This Season...Here's Why

When the holidays roll around, travel plans, family gatherings, and all the chaos of the season may make you think it’s better to pull your listing off the market or to wait until 2026 to 

Read More

The VA Home Loan Advantage: What Every Veteran Needs To Know...

If you’ve served in the military (or if your spouse has), you have access to one of the most powerful homebuying tools out there. The chance to buy a home without having a down payment

Read More

Today's Mortgage Rates Aren't Scary...We Would Know :)

Mortgage rates have been the monster under the bed for a while. Every time they tick up, people flinch and say, “Maybe I’ll wait.” But here’s the twist. Waiting for

Read More