Are Tax Credits for Homebuyers Still Available? Yes
Have you heard of any other government programs or tax credits for home buyers?
While the federal homebuyer tax credit for both first-time and repeat buyers have expired, several states are offering their own incentives to promote and maintain homeownership.
California Offers $10,000 to Homebuyers
One example is Californiaâ€™s homebuyer tax credit of up to $10,000 for both first-time and repeat buyers. The reaction of homebuyers in California has been astounding. According to the San Jose Mercury News, the money allocated for the credit in 2009 was used up in only four weeks. Based on the current demand in California, experts are predicting the money allocated for 2010 will be used up in only two to three weeks.
Donâ€™t Forget About the NCSHA
The National Council of State Housing Agencies (NCSHA) is a national, nonprofit organization created by the nationâ€™s state Housing Finance Agencies (HFAs) to assist them in increasing housing opportunities for lower income and underserved people through the financing, development and preservation of affordable housing.
Housing Finance Agencies can help you determine whether you qualify for any of a variety of programs, including the Low Income Housing Tax Credit, Mortgage Revenue Bonds (MRBs), and the HOME Investment Partnerships (HOME) Program.
Click here to view each stateâ€™s HFAs and their program information.
Help for Homeowners (and Homebuyers)
Do you live in one of the states with the worst housing markets in the country? The federal government is providing extra funding to ten states that have been hit especially hard by the housing downturn. While five states have yet to announce how they plan to allocate the added funds, so far, principal reductions, subsidized monthly payments for unemployed borrowers and down-payment assistance seems to be the recurring strategies for the states that have announced their spending plans.