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The first-time homebuyer tax credit no longer exists; the U.S. government offered this program for first-time homebuyers from 2008-2010.
The amount of mortgage credit allowed varies depending on the state or local government that issues the certificates, but is capped at a maximum of $2000 per year if your State's rate is over 20%, by the IRS. 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 ...
First-Time Homebuyers, U.S. Department of Housing and Urban Development. Accessed February 2, 2025. Accessed February 2, 2025. Approved Below Market Rate Housing Programs .
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).
Recognizing the financial pain felt by millions of working families, President Biden has proposed a $10,000 tax credit for first-time homebuyers and people who sell their starter homes. Don’t miss
The first-time homebuyer credit was a tax credit for individuals and families who purchased a new home between April 9, 2008 and April 30, 2010, according to the IRS.