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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.
Tax credits. Your state or local government might offer a mortgage credit certificate that allows you to claim the interest payments on your mortgage for a tax credit up to $2,000 a year.
The president wants to increase the number of tax credits available for low-income housing developers and approve a $20 billion innovation fund for affordable housing expansion.
x MCC Credit: 30% = Total Credit: $3579; Because the total credit in this example exceeds the IRS limit of $2000, the homebuyer would report a $2000 credit on their tax return. The buyer may continue to receive a tax credit for as long as they live in the home and retain the mortgage.
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.
The first time home buyer tax credit has officially been extended. If you're an existing home owner you may also qualify for the tax credit if you're planning on buying a new house! Check out this ...
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 ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.