First Time Home Buyer Tax Credit Coming Soon...

Edgar DeJesus • May 4, 2021

Today I want to give you the latest on a refundable tax credit First Time Home Buyers will be able to take advantage of this coming summer.


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Here are the highlights we know so far:

 

The tax credit is for 10% of the purchase price or up to a maximum of 15k. 

 

You must be a first-time homebuyer, which means you cannot have bought a home or owned a home in the last three years.

 

The home purchase must be for primary occupancy. 

 

To qualify, you can earn up to 160% of the area's median income.

 

The property purchase price can be up to 110% of the area median property purchase price. 

 

To not pay back the 15k tax credit, you have to live in the home for four years. 

 

Right now, Congress is reviewing the proposed 15k tax credit. 

 

As I receive further updates, I promise to keep you informed.


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Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by the borrower(s). A loan is only approved when the lender has issued approval in writing and is subject to all lender conditions. Any specified rates and terms are contingent upon loan approval and are subject to change without notice due to unpredictable market conditions. Innovative Mortgage Services, Inc. is a Florida licensed lender. Company NMLS #250769. Originator NMLS # 230414. Florida Mortgage Lender License, License/Registration #: MLD178 Florida. Mortgage Lender Servicer License, License/Registration #: MLD2167 Equal. Equal Housing Lender 


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