1. Short title This Act may be cited as the First-Time Homebuyer Credit Act of 2018 . 2. First-time homebuyer refundable credit (a) In general Section 36 of the Internal Revenue Code of 1986 is amended to read as follows: 36. First-time homebuyer refundable credit (a) Allowance of credit In the case of an individual who is a first-time homebuyer of a principal residence in the United States during a taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to 2.5 percent of the purchase price of the residence. (b) Limitations