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.
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 back in 2010:
First-time homebuyer programs
While the first-time homebuyer tax credit is expired, there are state-sponsored 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 home buying assistance.
HSH.com has compiled a database of statewide first-time homebuyer programs. In addition to first-time buyers, states may also offer assistance to repeat buyers, veterans, the disabled, teachers and first responders. 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 -- many are first come, first serve.
In all 50 states, a first-time homebuyer is defined as "someone who has never owned a home or hasn’t been a homeowner in the last three years."
More help from HSH.com
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Home price recovery index: Which metros have improved the most, least?Have home prices in your area fully recovered from the declines suffered during the Great Recession, or are they still struggling to make it back to the peak it reached before the crisis?
Should I consider my home an “asset”?The answer is "yes", or even "maybe" or "it can be", usually modified by "but not right away, if ever." When it comes to the financial aspect of homeownership, the answer is rarely simple.
Are there drawbacks to buying a 50-year old house?Compared to newer stock, buying an older home can pose different challenges, but whether or not there are drawbacks depend on your choices and needs... and on those of the people who owned it before you.
10 best states for home buyersHSH.com recently created a database of the home-buying-assistance programs in every state. From that database, we have assembled a list of the states which offer the most robust set of programs to its residents.