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What Is the First-Time Home Buyer Tax Credit?

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If you’re still looking for the first-time homebuyer credit, it unfortunately no longer exists. The program ended in 2010. However, people who purchased homes before 2010 can still benefit from the tax credit initiative. Specifically, you may still be eligible if your closing took place on or before September 30, 2010. People who purchased homes after 2010, however, won’t benefit from the tax credit.

Although the tax credit doesn’t exist anymore, you can still get mortgage help through other mortgage programs. These first-time home buyer incentives vary both on state and local levels. But you can begin your search process with some online research. One of the best places to search for such incentives is through local and state government websites. The Department of Housing and Urban Development (HUD) also offers several loans and grant options for home buyers. You’ll also want to do some research on the lenders in your area. In most cases, they’ll be able to offer thorough professional advice about the programs that exist and the application process. Finally, though not all tax credit programs, you can also apply for Freddie Mac, Fannie Mae and FHA loans. Each loan option allows you to benefit from a mortgage loan even with a down payment as low as 3%.

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