The current reality in the United States regarding home prices affects millions of residents. If we consider the real estate market rates then without doubt buying a property is a big challenge.
However, it’s not all bad news. If you are buying a home for the first time, you may qualify for a new mortgage assistance program.
A group of United States legislators promoted a Bill Who will help you with $15,000 USD cash if you are in that case.
The idea has been spearheaded by Senators Sheldon Whitehouse of Rhode Island and Martin Heinrich of New Mexico.
Likewise, two senior US representatives joined in the support. The goal is to create a refundable tax credit of up to $15,000 USD for first-time home buyers.
Whitehouse declared that “buying your first home is more than just property ownership – it’s a source of pride, stability and hope for the future.
Unfortunately, buying a home is currently out of reach for many Americans.
Meanwhile, Heinrich stated: “We are changing it. I am proud to introduce the First-Time Home Buyer Tax Credit Act.
This will ease the financial burden of aspiring homeowners. Likewise, all working families will be given an equal opportunity to realize the American dream of home ownership.
National Space Project
Leaders of the bill intend to make it national in scope. Thus, many more people, especially young workers, will be able to fulfill their dream of owning their own home.
The bill would create a refundable tax credit worth up to 10% of the home purchase price, to a maximum of $15,000 USD. To receive the maximum credit, the purchase price must be $150,000 USD or more.
The following people can claim the above new credit.
– Those earning 150% or less of the area median income.
– Homes with a purchase price of 110% or less of the area median purchase price.
– Purchases financed by mortgages backed by the federal government.
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