Is there any financial help for a first-time buyer out there? Yes, there is. And it's a little bit complicated.

The first thing is a lot of different cities and counties in the United States might have a first-time buyer grant program where you can apply to get some money to help you usually in the form of maybe a couple of $1000 to help with closing costs.

And it's designed to help spur, you know, people who are just struggling to get into an actual home and gain equity, the foot up to be able to do that. So, you have to research that there's way too much that I can even explain in this video.

But what I'm talking about here is, are there any actual like federal programs? And the answer is, possibly.

The Biden administration has put together a bill that would give a $15,000 tax credit to first-time home buyers. So, that's what we're going to talk about.

So, what a tax credit essentially means is, it's not like the federal government's cutting you a $15,000 check when you go to buy a house. Instead, you're going to be able to deduct $15,000 off of your taxes in the year that you buy a house. But there's a couple of parameters.

Number one, you can't have bought a house in the last three years. And that's interesting because you could still technically not be a first-time home buyer. You could have bought a house more than three years ago and still theoretically qualified for this tax credit. The second parameter is you can't make too much money. They want you to be able to earn 60% and no more of like the median income.

The other two parameters are: the house actually cannot exceed what the median value is. So, you really can't expect to buy a $4 million house and then qualify for the first-time tax credit. It's going to have to be somewhere at least if you're in, say the Bay Area, it's somewhere in like the 900-800 range or less.

And then the last one is, it has to be your primary residence. This doesn't qualify if you're going to buy a house and then rent it out.

So, where is this thing? Well, you're going to have to call your congressperson and ask them because it's above our pay grade. All we know is that it's a bill and has yet to become law. If it does, we'll let you know but we don't know where it is in the whole works, but there's more ways to save money on just tax credits. You can ask for closing cost help. You can ask for a buy down in the rate.

There's so much more that we can't get into it in just this short little video. So, if you're just getting started and you're looking to save some money and you want answers, just message us. Thanks.