Buying a house for the first time is an exciting yet overwhelming experience. This article outlines key points and insights on recent legislation that may impact homebuyers, including updates to capital gains taxes, changes in tax benefits for businesses, and detailed advice on preparing as a first-time buyer.<section_title>Understanding Recent Legislative Changes Affecting Home Sales</section_title>Rep. Marjorie Taylor Greene has introduced the No Tax on Home Sales Act, aimed at eliminating capital gains tax on primary home sales for individuals, though this proposal faces significant debate among policymakers.<section_title>Impacts of New Business and Real Estate Legislation</section_title>The One Big Beautiful Bill Act, signed into law on July 4, 2025, includes significant changes for business and real estate transactions, including increases in Qualified Small Business Stock exclusions and enhancements to the Qualified Opportunity Zones program. Reduced holding period requirement from five years to three, increasing benefits based on longer holdings Expanded tax advantages through the program’s improved terms<section_title>Guide for First-Time Homebuyers: Steps to Prepare and Financial Readiness</section_title>Buying your first home involves more than just financial preparedness; understanding the specific advantages, assessing affordability, and having a plan for each step are crucial.<section_title>Understand Your Advantages as a First-Time Homebuyer</section_title>First-time homebuyers often benefit from down payment assistance, flexible loan qualifications, and even certain types of low-down-payment loans such as FHA options.<section_title>Assess Your Financial Readiness</section_title>Before deciding to purchase a home, ensure you have sufficient funds for down payments, mortgage payments, property taxes, insurance, and maintenance fees. Tools like mortgage calculators can help estimate costs. Check your credit score; good credit leads to better terms and interest rates.<section_title>Steps to Prepare Financially</section_title> Prequalify for a mortgage using online tools to get a sense of your loan eligibility.<section_title>Relocating: Assess New Costs and Mortgage Rates</section_title>If moving, compare mortgage rates across different states via online calculators to ensure alignment with your budget. Arizona: Current Mortgage Rates in Arizona | SoFi