Home Buyer Tax Credit Info.

Posted on 03. Mar, 2010 by toniarney in Blog

  • The Recovery Act extends tax credits made available to first-time homebuyers under the Housing and Economic Recovery Act of 2008 (HERA), increasing the maximum allowable credit and extending the time period during which home purchases can be made.
  • Eligible first-time homebuyers may receive a tax refund equal to 10% of the purchase price of their home or $8,000, whichever is less.
    • Eligible households include people buying their first home and people who have not owned a home in the past three years.
    • To receive the full credit, single homebuyers can earn no more than $75,000 per year and married homebuyers filing jointly can earn no more than $150,000. A partial credit is available to certain homebuyers earning above these ceilings.
    • New provisions under the Recovery Act allow homebuyers who have purchased their home through TDHCA’s First Time Homebuyer and Mortgage Credit Certificate Programs, and similar programs administered by other housing finance agencies, to receive the credits.
  • TDHCA (Texas Department of Housing and Community Affairs) is in the process of designing a down-payment assistance program for recipients of the federal Homebuyer Tax Credit.

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