First-Time Homebuyer ActA bill recently introduced to Congress, the First-Time Homebuyer Act, seeks to help first-time low- and middle-income earners on the road to one of the American dreams of
FirstTime Homebuyer Act S1368
Dated: May 5 2021
Views: 30
First-Time Homebuyer Act
A bill recently introduced to Congress, the First-Time Homebuyer Act, seeks to help first-time low- and middle-income earners on the road to one of the American dreams of homeownership.
If passed, the bill, S-1368, introduced on April 26, 2021, would provide a tax credit for first-time homebuyers of up to 10% of the purchase price, or a total of $15,000. To be eligible for the full tax credit, a potential buyer must not have owned or purchased a home in the past three years.
In addition, certain other criteria must be met:
Eligible potential owners must also make no more than 160% of the area median income.
The home's purchase price must not exceed more than 110% of the area median purchase price.
Borrowers could claim the credit for primary residences purchased after Dec. 31, 2020.
The home would need to be a primary residence for at least four years, or face taxes to recover a portion of the credit.
The bill is still in its early stages and has not yet been passed into law.
Jenny Rutherford
Meet Jenny Rutherford Jenny Rutherford Real Estate, LLC. Where did you grow up? I grew up on a farm at the base of the Blue Ridge Mountains in Virginia. I've lived in several states, including Virgi....
Latest Blog Posts
🌊NEW LISTING COMING SOON! 🌊Beautiful 4BR/2BA Beach Cottage On Tybee Island's South End! Major Cash Flow!📍1205 Lovell Avenue, Tybee Island, GA 31328💵 Offered at $625,000Gorgeous 4BR/2BA
Three Key Steps for Every Home BuyerTurning your dreams of owning a home into a reality doesn’t have to be a challenge. While buying a home can seem like a complicated process, focusing on a few
NEW LISTING IN RICHMOND HILL!📍873 Sweet Hill Road, Richmond Hill, GA 31324💵 Listed for Sale at $600,000Gorgeous 4BR/3BA Coastal Low Country Home on 1 Acre includes 3BR/2BA Guest House all
The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of the Savannah multi-List Corporation. Real Estate listings held by brokerage firms other than Jenny Rutherford Real Estate are marked with the name of the listing brokers.
Data last updated: May 9, 2021 5:27 AM UTC
All information deemed reliable but not guaranteed.
© 2021 Savannah Multi-List Corporation. All rights reserved.
We do not attempt to independently verify the currency, completeness, accuracy or authenticity of the data contained herein. It may be subject to transcription and transmission errors. Accordingly, the data is provided on an "as is," "as available" basis only and may not reflect all real estate activity in the market. © 2021 Multiple Listing Service of Hilton Head Island, Inc. All rights reserved. Certain information contained herein is derived from information which is the licensed property of, and copyrighted by, Multiple Listing Service of Hilton Head Island, Inc.
