NEW UPDATE🌡️ Joe Biden's $15,000 First Time Home Buyer Tax Credit

#AskTheLender The Biden administration has proposed a $25000 First Time Home Buyer Program in the form of a grant to help eligible buyers ...

👉Hello and welcome to this edition of #AskTheLender​​​​

My name is Rod Ferrier. I am a licensed loan originator as well as a U.S Navy veteran.

QUESTION: What is the status of Joe Biden's FIRST TIME HOME BUYER TAX CREDIT?

Hello and welcome to this edition of ask the lender.

My name is Rod Ferrier and I am a licensed loan originator as well as a U.S. Navy veteran.

This bill is a proposal and has not yet approved by Congress, but here are some options that potential first-time homebuyers may want to be aware of.

There are several different bills that have been proposed. the one that Joe Biden mentioned during his campaign provides a $15,000 incentive to help first time home buyers purchase homes.

Another one of the bills, which sponsors are calling the down payment towards equity act of 2021 would create a grant program that allows states to provide first time homebuyers with cash for down payments versus a tax credit.

They get the money immediately. in order to qualify, individuals must meet income requirements and be first generation homebuyers, meaning that anyone who has either never owned their home or once owned a home but lost it due to financial distress like a foreclosure they would be eligible.

This bill which was introduced last month provides eligible homebuyers with up to $20,000 assistance or as much as $25,000 if the buyer qualifies as socially or economically disadvantaged.

So this program is for low to moderate-income and then there's the other part of that that is for extremely low-income families.

This is serious. and this is big news because $15,000, you know, for an average renter would take around 14 years to save that size of a down payment.

Imagine you know what that's going to be like waiting 14 years to purchase a home. so if the bill passes, you can start home shopping, but we're waiting for that to actually take place. the bill hasn't even reached committee yet.

What happens with this is still up in the air?

The second bill introduced in late April was called the first time homebuyer act and this would provide a tax credit of 10% of a home's purchase price or as much as $15,000 to first time homebuyers.

Now this tax credit is refundable, meaning that if the amount that you obtain is larger than what you owe on taxes, you're going to receive the difference.

So you get this money back during tax time. the second proposal is a tax credit, meaning that once you file your taxes, you get that money back, it's offset with tax liability. or if you get a refund, you get that money, the proposal that people are really looking for and excited for is the one that gives them the money immediately for a down payment.

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🔷Home Loans In Virginia And Maryland🔷

Rod Ferrier is a licensed loan originator in Virginia and Maryland.

A U.S. Navy Veteran, father of four, he began his career as a loan officer in 2002.

He specializes in assisting his clients to navigate the home buying process towards homeownership.

His clients include Veterans, first time home buyers, families looking to purchase a bigger home, as well as empty-nesters seeking to downsize.

Rod’s background in financial planning provides his clients with the opportunity to benefit from the wealth created by strategically purchasing the right home.