![]() The inflation-adjusted target means the 2023 First-Time Home Buyer Tax Credit approaches $17,000 because 20 inflation rates were seven percent and six-and-one-half percent, respectively. According to the bill’s original language, it’s a proper tax credit equal to 10% of your home’s purchase price, not to exceed $15,000 in 2021 inflation-adjusted dollars. The refund is neither a loan like some downpayment assistance programs nor a cash grant like the $25,000 Downpayment Toward Equity Act. Treasury, paid to eligible first-time home buyers and cashed in when federal taxes get filed. The First-Time Homebuyer Tax Credit is a tax refund from the U.S. How Does the First-Time Homebuyer Act Work? ![]() Get pre-approved to check your eligibility. Tax credits are applied to your federal tax bill automatically. Home buyers can claim their tax credit without submitting additional paperwork.
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