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Lawmakers introduce bill to give first-time homebuyers $15,000 tax credit

Two West Coast legislators have introduced a new bill providing a refundable tax credit of up to $15,000 for first-time homebuyers, potentially fulfilling one of President Joe Biden’s campaign promises. Rep. Earl Blumenauer, D-Ore., and Rep. Jimmy Panetta, D-Calif., introduced the “First-Time Homebuyer Act,” which creates a tax credit worth up to 10% of the purchase price — or $15,000 — for the purchase of a home. To be eligible for the full credit, a buyer may not have owned or purchased a home within the prior three years. Eligibility is also income-based, with homebuyers needing incomes at or below 160% of their area’s median income and the home for purchase at or below 110% of the area’s median purchase price.

Read the full “Originator” article here.

September 18, 2019 – Washington, DC, United States: U.S. Representative Earl Blumenauer (D-OR) speaking at an event where farmers, ranchers, and Congressmembers call for a Green New Deal at the House Triangle at the U.S. Capitol. (Photo by Michael Brochstein/Sipa USA)(Sipa via AP Images)

John A. Rodriguez

John A. Rodriguez is a Senior Mortgage Banker with iFinance Mortgage Inc. His passion is educating families and individuals to better understand the home loan process, to secure the best financing available, and then to protect their mortgage. Contact John today at jrod@ifminc.com or 949-456-7056! LinkedIn: http://ow.ly/fttL50xQAUi

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