Biden's $15,000 First Time Home Buyer Tax Credit [HUGE News!]

Biden's $15,000 first time home buyer tax credit | As a 18-year loan officer, I often hear first time home buyers ask about available home buyer assistance programs, or lament the fact that they missed the homebuyer tax credit passed by the Bush Administration. Well, there may be good news for them! The Biden Administration has proposed a $15,000 first time home buyer tax credit that is not only significantly more than the previous one, but is also available in advance at the closing table so borrowers don't need to wait to recoup their expense. I give all the details about who qualifies, how it might be used, and what we still need to know about it.

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Call the Team! 985-300-LOAN

#firsttimehomebuyertaxcredit #homebuyerassistanceprograms #mortgage

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With 18+ years of experience as a loan officer, Stephanie Weeks founder of The Weeks Team and has ranked among the top 1% loan officers in the nation several years running.

Interested in working with The Weeks Team to get a home loan? 🤝

They are your one-stop mortgage resource for anyone who is looking to buy, sell, or refinance residential properties in Louisiana, Texas, Georgia, Mississippi, Alabama, and Florida.

(Stephanie’s NMLS#97116 and the Branch NMLS#851695)
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New down payment assistance programs in the form of a Biden tax credit could potentially shake the housing market. The proposed $15,000 tax credit would be a game changer for first time home buyers around the country.
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[JamseyXR]

So, if they are capping area median INCOME, then why are they capping home prices at 110% of average area prices?

Especially If the credit is capped at $15, 000 based on 10% of a $150, 000 home. SO, whether you buy a $150, 000 home, a $300, 000 home, or a $600, 000 home, you still ONLY qualify for a max of $15, 000 tax credit.

SO, if the only houses you find in the area are priced at 111% of the area average prices, then YOU DON'T QUALIFY!

The cap on purchase price, AFTER an earnings cap has been set, is ridiculous! - considering the fact that the $15, 000 tax credit WILL NOT increase with any home purchases ABOVE $150, 000!

[williamalvarado]

Hi Stephanie, does the loan needs to be FHA or can you qualify for Conventional loan??? Thank you for your information.

[Da_Crow]

we arelooking at houses, if we close in the next 2-4 months and already put down payment - do we get back credit for that?

[stacishort]

Hi Stephanie, I'm q first time home buyer, why hasn't my lender mentioned of any tax credits? How can I take advantage of these tax credits now before I buy my first home? Any other lenders you may recommend? Thanks

[TheLinks]

What if we already bought a house and made our downpayment .. can we get a tax credit ?

[jessicam]

I purchased a home in 2012 but married in 2017 and purchased a second home with my husband in 21 is his first time for him could still qualify ?

[Mark-ugbp]

Hi has this passed yet? I am shopping for a new home and this is huge help

[veronicabanks]

Hello! New subscriber here. Can I apply for this now? I plan to sign a contract soon

[pittu]

Hi Stephanie .I am closing on my first home in April 2021. If this tax credit proposal goes into affect after April 2021, will I be eligible for this credit when I file my taxes the following year. Thanks in advance

[datheat]

This is interesting, i wonder if i would get it. Im currently having a house built first time...should be done in aug...if this bill go thru before i close..will this apply to me?

[lindaoliver]

I enjoy the information you give.
Can you buy a home being on s.s and unemployment?
Thank you 🙏