Biden's $15,000 First Time Homebuyer Tax Credit

The projected 2020 Biden administration has proposed a $15,000 tax credit for first time home buyers. How will this work?

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0:00 $15k credit
0:25 $640b fund
1:42 What we know about it
2:45 Bush v Biden
3:43 A big problem
4:05 My guess
5:30 Downloadable closing cost calculator

Hey, Kyle here with winthehouseyoulove.com. Today we're talking about the $15,000 tax credit for first time home buyers that the Biden administration is proposing. So, currently, it looks like Biden is the projected winner of the 2020 election. So they've, put their administration has put out a tax plan, actually an entire housing plan.
I'm going to walk through that with you and what we know about it so far. So the Biden administration is proposing a $640 billion fund for housing over the next 10 years. Okay. So what this fund is aiming to do is take care of four main things. Number one is red lining. So they're, they're looking to, put money in to remove a lot of the predatory practices that are still going on in the real estate industry.
Okay. They also want to increase supply so 300 billion of the 640 billion is going just towards increasing supply which is huge because we have super limited supply right now, which is causing home prices to skyrocket. So hopefully having this housing bill will actually help increase supply and lower the cost of homes.
Also increasing energy efficiency and affordable housing. And part of that affordable housing is increasing the supply as well. They've also talked about increasing low income housing and subsidies like that as well. Now, some of the details are a little bit hazy as, since these are just kind of a general proposals that the administration has put out, but an interesting approach at least to see what's the potential for the next four years, if Biden is confirmed as the 2020 president.
Okay. So here's what we know so far. What the Biden administration has said is that they'll give a $15,000 up to a $15,000, tax credit for first time home buyers. All right. And the details are a little bit hazy. This is just because it's a proposal of a transitioning administration. But, the keyword here is they said "up to", so we're not entirely sure it's going to be $15,000 or what kind of limit is going to happen.
After the housing crash in the Bush administration, there was a $7,500 tax credit that was given. Okay. and it was actually 10% of the purchase price up to $7,500, the Obama administration bumped that up to $8,000. Okay. So now we're seeing the Biden administration coming in and saying $15,000, I accidentally added an extra zero there, $15,000. Okay. Now again, there's no clear details on who's eligible. If it's only for first time home buyers, if there's a percentage included with this, it's really hazy and they haven't ironed that out yet. But a key detail here that has been explained is that in the Bush administration, this tax credit was only given at tax filing.
So for instance, if you purchased a home in April, you wouldn't see that tax credit until you filed your taxes at the end of the year. Okay. So you would've had to get that money up front and then receive the credit later. But in the Biden administration, They have projected, that they'll actually make those funds available at the time of purchase.
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