S.2402

First-Time Homebuyer Tax Credit Act of 2025 provides a refundable tax credit for first-time homebuyers.

The First-Time Homebuyer Tax Credit Act of 2025 amends the Internal Revenue Code to offer a refundable tax credit for first-time homebuyers. The credit is equal to 10% of the purchase price of a principal residence, up to a maximum of $15,000. The credit phases out based on the purchase price and the taxpayer's modified adjusted gross income. The credit is subject to recapture if the residence is disposed of within four years. The bill also includes provisions for advance payments to mortgage lenders and defines terms such as "first-time homebuyer" and "principal residence.