Posted 3/8/2024, 3:09:01 PM
Biden Proposes $10,000 First-Time Homebuyer Tax Credit, Title Insurance Changes To Aid Middle Class Housing Affordability
- Biden proposed a $10,000 tax credit for first-time and repeat homebuyers, paid out as $400 monthly payments over 2 years
- The credit is meant to help middle-class families buy homes amid rising prices and limited inventory
- Biden called for eliminating title insurance to lower closing costs, which could save homeowners hundreds of dollars
- The administration approved waiving lender's title insurance for some refinances, saving up to $1,500 per loan
- Industry groups criticized waiving title insurance as risky and unlikely to deliver much savings to consumers