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There are tons of incentives for first time home buyers! They just aren't really marketed. You can take out a mortgage against your own 401(k) for your first h
by thehappypm 5y ago
There are tons of incentives for first time home buyers! They just aren't really marketed.
You can take out a mortgage against your own 401(k) for your first home.
You can use a VERY low down payment loan (like 0% in some cases) for your first home.
Tax rates are lower in many places for homeowners than renters -- in Boston and Somerville MA, this comes out to a pretty substantial tax credit.
- nly 5y agoAll of those incentives just increase demand for housing and bid up prices. Supply needs fixing.
- lotsofpulp 5y agoBecause they are actually benefits for current asset owners looking to sell (or borrow using existing property as collateral). If the government wanted to help buyers, they could just give them cash and/or increase supply of housing in the in demand areas.
- nly 5y agoSo in the UK the Government is already underwriting first-time buyer mortgages for anyone with a 5% deposit on properties up to $850K USD. This helps noone short term because the banks just pocket the subsidy, and long-term it just drives prices even higher.