FirstTime Homebuyer Act S1368

Dated: May 5 2021

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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.

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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.

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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....

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