Home | Newsletter | Advertise

President Biden To Pitch First-Time Buyer, Starter Home Credits

  • March 7th 2024

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

President Biden will pitch a number of new housing initiatives at tonight's State of the Union address. 

The president will propose a mortgage relief credit that would provide middle-class, first-time homebuyers with an annual tax credit of $5,000 for two years. The White House states that this will be the "equivalent of reducing the mortgage rate by more than 1.5 percentage points for two years on the median home."

The President will also call on Congress to pass a tax credit of up to $10,000 to middle class families who sell their starter home. The starter home -- a home priced below the area median home price in the county -- must be sold to another owner-occupant. 

"Many homeowners have lower rates on their mortgages than current rates," The White House said in a release. "This 'lock-in' effect makes homeowners more reluctant to sell and give up that low rate, even in circumstances where their current homes no longer fit their household needs."

In addition to these two initiatives, the president will also pitch down payment assistance for first generation homeowners and lower closing costs for mortgages and refinancing.

This article originally published at https://dc.urbanturf.com/articles/blog/president_biden_to_pitch_first-time_buyer_starter_home_credits/22048.

Pipeline: New Condos & Apartments Coming to the DC Area

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse