First Time Home Buyer Tax Credit

One thought on “Can You Still Get a First Time Home Buyer Tax Credit?

  1. As you note, there is no longer a first-time homebuyer tax credit like the generous one used to spur home sales back in 2008-2010. However, certain low- and moderate income homebuyers (and possibly homeowners) may be able to take advantage of their state’s Mortgage Credit Certificate program.

    Not all states offer these, but many do. Frequently, these allow for a percentage of the interest you pay on your mortgage (20% to 50% is common) to count as a reduction in your federally-taxable income. These often have a cap of $2,000 per year, but this could mean hundreds of dollars in income tax savings to a homeowner of modest means. Information for this can usually be found at your state’s mortgage or housing finance agency website.

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