In his State of the Union address, President Joe Biden announced a new plan to give new homebuyers a tax credit that would lower the cost of purchasing a home.
Citing rising housing costs in his State of the Union address Thursday night, President Joe Biden said he wants to create a tax credit that would give homebuyers $400 per month. Biden’s plan would create a $10,000 tax credit, spread out over two years and credited in the form of $400 monthly payments for first-time homebuyers and those who sell their starter homes.
During his State of the Union address, the president also called for changes to closing costs, calling for the elimination of title insurance. Earlier in the day, the Biden administration approved a pilot program that would waive the requirements for lender’s title insurance on certain refinances. This would save homeowners up to $1,500, and an average of $750, according to the announcement.
Despite the potential savings announced, some industry stakeholders say this is a "false promise of savings," and that it will expose homebuyers, lenders and taxpayers to more risk.
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