professionals that can assist with getting you pre-approved for these types of loans.
FIRST-TIME HOME BUYER TAX CREDIT
The following paragraph was taken from the website smartasset.com
The first-time homebuyer tax credit emerged during the 2008 financial crisis to help make buying a home more affordable for Americans. Though various other mortgage programs and loans exist, the tax provision here was strictly for first-time homebuyers. Simply put, it offered homebuyers a significant tax credit for the year in which they purchased their home. Unfortunately, this credit no longer exists. However, legislation to create a new refundable tax credit of up to $15,000 for first-time homebuyers was introduced in April 2021 and no one knows whether it will be enacted. Below, we discuss what the tax credit program did, and explore additional mortgage programs that can still help you save on your first home. A financial advisor can help you plan for buying a home, as well as other financial goals.
What Is the First-Time Homebuyer Act of 2021? f 2021?
U.S. Representative Earl Blumenauer (D-OR) and other lawmakers introduced legislation on April 26, to support first- time homebuyers with a refundable tax credit of up to $15,000. Dubbed the First-Time Homebuyer Act of 2021, this legislation aims to incentivize “housing stability and generational wealth- building opportunities for low- and middle-income Americans, particularly amongst historically marginalized communities,” Blumenauer said in a press release. A similar tax credit (see the First-Time Homebuyer Tax Credit below) had been approved as part of the 2008 Housing and
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