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Is the first-time homebuyer tax credit still available?

 

We recently received an inquiry from a reader asking, “Is the first-time homebuyer tax credit still available?”

Unfortunately, the answer is no. The first-time homebuyer tax credit has been expired for several years.

First-time homebuyer state programs

However, there are state homebuyer assistance programs geared toward first-time homebuyers. Each state has specific programs headed up by their housing finance agencies that offer some sort of homebuying assistance.

First-time homebuyers, or anyone looking for mortgage or real estate assistance, should log onto their state’s website and search for the section on housing and real estate information. Most states have more than one program targeted at homebuyers.

It’s important to understand that each state offers different and unique programs, and the specific programs have different parameters as to who can qualify, how to qualify and what the particular benefits are.

Many state-run housing assistance programs have no set expiration date, rather they expire when the money allocated to the particular effort runs out--first come, first serve.

A first-time homebuyer is defined in all 50 states as "someone who has never owned a home or hasn’t been a homeowner in the last three years."

15 Yr. Fixed - Purchase Rates from Our Lenders in Virginia

Lenders
Rate
APR
Monthly Payment
LoanDepot, LLC.
2.875%
3.156%
$1,369
Last Updates: 09/2/2014 See More Rates
 

Overwhelming support for an extension

While the tax credit has been expired since 2010, there was overwhelming support among HSH.com readers to extend the deadline. Here is the results from a poll we ran on blog.HSH.com back in 2010:

Poll results

About the author:

TMTim Manni is the Managing Editor of HSH.com and the author of the site's daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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