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Starting with the Housing and Economic Recovery Act of 2008, a series of federal tax credit programs were established for first-time buyers between April 9, 2008, and September 30, 2010.
An MCC offers a dollar-for-dollar federal tax credit, up to $2,000 per year. Challenges of being a first-time homebuyer. Buying your first home isn’t without challenges. Be ready to:
Besides extending the $8,000 tax credit for first time home buyers until April 2010, the Act also provides a $6,500 tax credit for current homeowners who purchase a home between November 6, 2009 and end of April 2010. [7] The Act also increases the income limits to qualify for the credit.
Included a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before July 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500. Phased out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
As an example, if a homebuyer were to receive an MCC that offers a 30% credit on a $200,000 loan for 30 years with a rate of 6%, the allowable tax credit would be figured as follows (all numbers rounded): Mortgage Interest Paid (1st Year): $11,933; x MCC Credit: 30% = Total Credit: $3579
Average price range: $10,000-$50,000. Key features: Typical sizes: Single wide (between 500 to 1,200 square feet) or double wide (between 1,000 to 2,000 square feet). Best for: Someone purchasing ...
First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low ...
According to a news report by the National Association of Home Builders (NAHB), the clock is running down on the $8,000 tax credit for first-time home buyers. With less than four months to go ...