5 Things to Know About Biden’s First-Time Home Buyer Program

With the upward trend of housing market sales continuing and housing prices nationwide looking like a bubble, first-time home buyers find it challenging to fulfill their goal of buying into the housing market.

On 28 April 2021, U.S. legislators introduced the First-Time Homebuyer Act of 2021. The bill amends the IRS tax code to provide up to $15,000 in refundable federal tax credits for first-time homebuyers.

The First-Time Homebuyer Act of 2021 intends to facilitate homeownership for low- and middle-income Americans. Currently, this bill has yet to become a law.

The First Time Homebuyer Act, if approved, would create a federal tax credit of up to $15,000, equal to 10% of the amount first-time buyers paid for their primary residence.

What is the $15,000 First-Time Homebuyer Tax Credit?

The First-Time Homebuyer Tax Credit is part of the First-Time Homebuyer Act of 2021 and provides first-time homebuyers who meet specific criteria with a $15,000 tax credit.

The bill introduces wealth-building prospects for marginalized communities.



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It fulfills one of President Biden’s key campaign pledges – to make homeownership more accessible to the millions of renters who aim it for themselves and their family members. For homebuyers to avail of this credit, the criteria required are:

– Should be a first-time home buyer. – Should adhere to the income limitations for that specified area. – Should buy a house to use as a primary residence, and not as an investment or a second home. – Should be 18 years+ or married to a person who is 18 years of age. – Should purchase the house from a non-relative.

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