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First Time Home Buyer Credit - IRS tax forms - first time home buyer programs


First Time Home Buyer Credit - IRS tax forms-first time home buyer programs

First-Time
Homebuyer Credit
Presented by
Earned Income Tax Credit/Pre-
Refund Office
and
Taxpayer Advocate Service
Homebuyer Credit Laws
? The Housing and Economic Recovery
Act of 2008 (HERA)
? The American Recovery and
Reinvestment Act of 2009 (ARRA)
? The Worker, Homeownership and
Business Assistance Act of 2009
(WHBAA)
? Homebuyer Assistance and
Improvement Act of 2010
Homebuyer Assistance and
Improvement Act of 2010
? Eligible Taxpayers who contracted to
buy a home before the end of April 2010
now have until Sept 30, 2010 to
close on the deal.
? President Obama signed this act into
law July 2, 2010

What are my options as a first time home buyer? Local, state, and federal sources offer grants, loans, tax credits, and other incentives to help ease the monetary constraints facing many buyers. For example, the First Time Home Buyers Incentive can cover up to 15% of a home’s current value and can be applied to the down payment, renovations, eco-friendly upgrades, and more.