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Own Your Dream Home Today: Biden Unveils Unprecedented Tax Break for First-Timers and Starter Home Sellers


Biden proposes $10,000 tax breaks for first-time homebuyers, ‘starter home’ sellers


President Biden has proposed two tax credits targeting the housing affordability crisis.

First-time homebuyers can claim a $5,000 annual credit for two years, reducing their mortgage interest rate by 1.5%.

Second, homebuyers who sell their starter homes to owner-occupants can receive a one-time credit of up to $10,000.

However, experts have mixed reactions.

Some believe it will help affordability, while others argue it may not sufficiently address the country’s lack of housing supply.

  • Overall sentiment: neutral
  • Positive

    “President Biden has proposed a “mortgage relief credit” of $5,000 per year for two years for middle-class, first-time homebuyers”

    “He is also calling for a one-year credit of up to $10,000 for middle-class families who sell their “starter homes” to another owner-occupant.”


    “However, experts have mixed opinions about whether the policies will help the country’s housing affordability issues”

    “”Unless [Biden’s proposed credit] counts as qualifiable income, it’s not going to actually make it easier for homebuyers to qualify for mortgages””

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