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.
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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