An Overview of the First-Time Home Buyers’ Tax Credit

Planning to settle in a new place? Interested in buying urban condos?

If this is the first time you will be buying a home, you need to take note of certain things.

First things first; you need to save money for your down payment and other subsequent payments.

You also have to consider other government compliance requirements.

But did you know getting a new home is a lot easier than before?

Can you believe the state and federal government provide plenty of grants, which makes the entire home acquisition process trouble-free and uncomplicated?

What’s more, tax credits and similar options are afforded to many first-time home buyers.

Tax Credit for First-Time Home Buyers

Did you know you can avail of tax credits and federal or state grants? These social legislation measures are aimed at making life easier for people seeking to buy a new home for the first time.

If you haven’t purchased a home yet but is planning to acquire one for the first time, these measures set in place under the law can help you afford the payments to your first home.

Do you consider yourself as a first-time home buyer? If you answered “yes” to all these questions, you may be qualified as one under pertinent social legislation:

· Have you owned a home during the 3 years immediately preceding its purchase date?

· Are you a single parent who never owned a home under your name?

· Have you only owned a home together your spouse?

In addition, a displaced homemaker who only owned a home together with his or her spouse may be qualified as a first-time home buyer;

- this also includes a person who has built his or her home without observing the appropriate building regulations or has not affixed his or her home to a permanent foundation.

Are you wondering what benefits can be derivedby such individual?

For those who qualify as a home acquisition first-timer, they can avail of special tax holidays like tax credits or refunds or other special benefits or grants from the government.

With these privileges, the dream of having a new home becomes closer to reality.

Are you familiar with the Home Mortgage Interest Deduction program of the Internal Revenue Service?

This is one of the many tax benefits, which can be enjoyed by people who meet the requirements to be recognized as a first-time buyer.

Here, the IRS allows these individuals to deduct the interests paid to lenders against the tax liabilities due.

Another tax benefit that is available to first-timers is the Deduction of Points/Loan Origination Fees.

The aggregate amount of fees paid for the home mortgage can be applied as a deduction to any outstanding tax liability.

In addition, first-timers can also avail of property tax deductions.

Contact the Professionals

If you don’t know much about the goings-on in the real estate business, it pays to ask the professionals.

For everything you need to know about urban condos, it is highly advisable that you speak with the professionals.

With their knowledge and experience, they can help you look for the best condo unit that suits your needs and fits your budget.

If you are looking for a condo to buy in Tempe, Scottsdale and Phoenix, We Know Urban Realty will help you find the perfect place.

Their realtors are experts when it comes to urban living.

Visit the site to see what's available right now:

www.weknowurban.com

Will Daly, BrokerWe Know Urban Realty, LLC834 E Claremont Street, No 3Phoenix, AZ 85014(480) 510-8755Email: Will@WeKnowUrban.com