An Overview of the First-Time Home Buyers’ Tax Credit

Thinking about buying your first home?

Buying a new home is a lot easier than before than it used to be.

Can you believe the state and federal government provide plenty of grants, which makes the entire home acquisition process trouble-free and uncomplicated?

What’s more, tax credits and other help is afforded to many first-time home buyers.

Tax Credit for First-Time Home Buyers

Did you know you can take advantage of tax credits and federal or state grants? These social legislation measures are aimed at making life easier for people seeking to buy a new home for the first time.

If you haven’t purchased a home yet but are planning to acquire one for the first time, these measures can help you afford the payments on your first home.

Do you qualify as a first-time home buyer? If you answered “yes” to all these questions, you may be qualified as one under pertinent social legislation:

· Have you owned a home during the 3 years immediately preceding its purchase date?

· Are you a single parent who never owned a home under your name?

· Have you only owned a home together your spouse?

A displaced homemaker, who has only owned a home with her spouse, may be qualified as a first-time home buyer;

- this also includes a person who has built his or her home without observing the appropriate building regulations or has not affixed his or her home to a permanent foundation.

Those who qualify can take advantage of breaks like tax credits, refunds or other special benefits or grants from the government.

With this type of help, the dream of having a new home becomes closer to reality.

Are you familiar with the Home Mortgage Interest Deduction program of the Internal Revenue Service?

This tax break makes home ownership more affordable for many families.

It means a homeowner can deduct the interest paid on a home from their taxes, and in the first years most of the payment will be interest.

Another tax benefit that is available to first-timers is the Deduction of Points/Loan Origination Fees.

The aggregate amount of closing costs can be applied as a tax deduction, as well as property taxes each year.

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Will Daly, BrokerWe Know Urban Realty, LLC834 E Claremont Street, No 3Phoenix, AZ 85014(480) 510-8755Email: Will@WeKnowUrban.com