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The new homeowners tax credit that many filers are familiar with is the "First-Time Homebuyer Credit," which was passed in 2008 under HERA or the Housing Economic and Recovery Act under Obama. This tax credit was up to $7,500 for first time homebuyers, which was very exciting at the time.

If you were allowed the first-time homebuyer credit for a qualifying home purchase made between April 9, 2008, and December 31, 2008, you generally must repay the credit over 15 years. To repay the credit, you must increase your federal income taxes by 6% (or 1/15) of the amount of the credit for each taxable year in the 15-year repayment period.

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First-time buyers can claim up to $5,000 for the purchase of a qualifying home on their personal tax return on the year of purchase. About 6 months ago, congress sent President Obama a plan to give home buyers an extra time to qualify for up to $8000 in federal tax credits.

The purpose of the First-Time Home Buyers’ Tax Credit is to allow you to get a small portion of it back. This tax credit offers a $5,000 non-refundable amount when you file your tax return the following year, which translates to about an extra $750 in your pocket to help cover those new-home expenses.

I've been hearing a lot about this new $7,500 tax credit for first-time home buyers, which is part of the newly passed 2008 American Housing.

About 6 months ago, congress sent President Obama a plan to give home buyers an extra time to qualify for up to $8000 in federal tax credits.

The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax.

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The Home Start Homebuyer Tax Credit Program makes homeownership more affordable for first-time homebuyers. To qualify, eligible homebuyers must receive a Mortgage Credit Certificate (MCC) from New Hampshire Housing.

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First time homebuyer unless purchasing in a targeted area (see Program Guide for targeted areas) Income and Acquisition limits apply 30 year fixed rate (set by IHCDA)