Explaining Biden's $15,000 First Time Home Buyer Tax Credit!

First Time Home Buyer Tax Credit Explained

President Joe Biden and his administration proposed a $15,000 first time home buyer tax credit in February 2020. This was two months prior to the World Health Organization declaring the coronavirus outbreak a pandemic. In this video, I explain what the Biden administration might have thought and planned, and my overall opinion of why I don't think we will see a $15,000 homebuyer tax credit anytime soon.

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First Time Home Buyer Tax Credit Explained

[mikeurban]

When will we see this $15, 000 credit?

[jameso.]

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!