What Is the First-Time Homebuyer Act of 2021? Below, we discuss what the tax credit program did, and explore additional mortgage programs that can still help you save on your first home.Ī financial advisor can help you plan for buying a home, as well as other financial goals.

But as of March 2023, the legislation still has not passed in Congress. However, legislation to create a new refundable tax credit of up to $15,000 for first-time homebuyers was introduced in April 2021. Unfortunately, this credit no longer exists. Simply put, it offered homebuyers a significant tax credit for the year in which they purchased their home. Though various other mortgage programs and loans exist, the tax provision here was strictly for first-time homebuyers.

The first-time homebuyer tax credit emerged during the 2008 financial crisis to help make buying a home more affordable for Americans.