DEFINITION of 'First-Time Homebuyer Tax Credit'
A refundable tax credit made available to Americans purchasing their first home. The first-time homebuyer tax credit originally applied to home purchases made by qualified first-time buyers between April 9, 2008, and July 1, 2009. However, the Obama administration extended the original time frame requiring homeowners to have a signed sales contract until May 1, 2010, and gave them until the end of June, 2010, to close the transaction.
INVESTOPEDIA EXPLAINS 'First-Time Homebuyer Tax Credit'
The original tax credit implemented a credit of 10% of the home's purchase price, up to $7,500, which had to be repaid over 15 years in equal installments. However, the expanded version of the tax credit increased the maximum to $8,000 and removed the repayment requirement altogether, as long as the buyer stayed in the home for at least three years.
One of the bailout measures taken by Congress in 2008 to help ...
Taxable municipal bonds that feature tax credits and/or federal ...
An act initiated and signed by U.S. President Barack Obama in ...
A type of asset-backed security that is secured by a mortgage ...
A government program created for the establishment and management ...
definition of a commercial real estate loan