Remember when Oprah gave out a new car to everyone in her studio audience? That's what I imagine it must be like for first-time homebuyers over the last week.
First, Maxine Waters sponsored a discussion draft bill to give first-time homebuyers who were also first-generation homeowners up to $25,000 in a grant they could use for down payment assistance. When we first broke that story, the headline included the words "Biden's first-time homebuyer tax credit," even though it was a grant, not a tax credit. We explained all the details in the story but wanted to connect the dots for our readers, as surely this was the latest iteration of Biden's proposal.
Shortly thereafter, the White House press office called to say it wasn't Biden's bill. Hmm. Wouldn't he want to take credit for a piece of legislation he had proposed on the campaign trail? Either way, we changed the headline.
Now we know why they were being careful to draw a distinction on that bill, because today two House Democrats sponsored a bill that is actually Biden's first-time homebuyer tax credit come to life.
The First-Time Homebuyer Act would provide a tax credit of up to 10% of the purchase price, or $15,000. And it is a refundable tax credit — not cash at the closing table. Read all the details in our article here.
And practice saying "You get a car! And you get a car!"
Robert Dietz, chief economist and senior vice president of economics and housing policy for the National Association of Home Builders, discusses homebuilding trends across the country.
Two white papers explore how lenders can modernize appraisal and closing for a better borrower experience. Using survey data from 1,500 consumers who recently interacted with the mortgage process, they provide actionable recommendations for today's lenders. Download the white papers.
Among the unknowns servicers face in 2021 are changes that could affect lender-placed insurance (LPI). Servicers must have the flexibilities in place to keep up with the latest changes to remain compliant and efficient while still providing an optimal borrower experience. Presented by Proctor Loan Protector
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