First-Time Homebuyer Tax Credit Act of 2024

HR 7707 would create a refundable tax credit equal to 10% of the purchase price of a principal residence in the U.S., with a maximum credit of $15,000 (or $7,500 for married individuals filing separately). The credit would be available to first-time homebuyers who have not owned a home in the previous three years, are at least 18 years old, and purchase a home with a federally backed mortgage. Eligibility would be subject to income limits based on area median income and home price limits based on local median home prices in the area where the home is purchased. If a home is sold within four years, buyers may need to repay part of the credit through recapture provisions. The bill would allow taxpayers to transfer the credit to their mortgage lender, who would provide the buyer with a payment equal to the credit amount at closing.