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A lot of these homeowners may have taken advantage of the government's First Time Homebuyer Credit Program, and may be in for a surprise when they sell.
Note: The content of this article applies to taxes prepared for 2010. It is included here for reference only. The Homebuyer Tax Credit was extended and expanded on November 6, 2009, but qualifying for it can still be tricky. If you’re hoping to claim the credit in 2010, these tips could help you.
Buying a fixer-upper can be a shortcut to homeownership High prices, limited inventory, weak credit scores and saving a down payment. Now that’s a first-time home buyer’s dream.
The first-time home buyer often faces challenges not seen by people who have previously owned a home. Saving for a down payment is a big one. Not having a stable work history is another. Another is.
The Hero Homebuyer Credit is designed to dramatically reduce the amount of money needed to buy or refinance a home by offering up to $20,000 to cover closing costs and expenses.
The mortgage interest deduction is one of the biggest home tax breaks and shouldn’t be overlooked as a first-time homebuyer credit. This crucial deduction covers interest paid on loans of up to $750,000, or $375,000 if you’re married but filing a separate return.
Home buyers should already know they need to establish the best possible credit rating. FHA loans provide great assistance to many first time home buyers by offering mortgage loans with lower down payments.
How Much Is the Homebuyer Credit? The California First-Time Buyer Tax Credit is equal to 20% of the mortgage interest you paid during the year. Some lenders will even work with you to include the credit as an offset to your monthly payment, or they’ll add it to your income for purposes of qualifying for the loan.
The first-time home buyer tax credit emerged during the 2008 financial crisis to help make buying a home more affordable for Americans. Though various other mortgage programs and loans exist, the tax provision here was strictly for first-time home buyers. simply put, it offered home buyers a significant tax credit for the year in which they purchased their home.
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