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.
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.
A special thanks to Mike Thompson and Steve Gouveia at Envoy Mortgage for contributing their insights into the housing market. For additional information or to get your preapproval, call 610-401-4165.