The federal first-time homebuyer tax credit was a temporary program during the housing downturn. Eligible first-time buyers could receive a tax credit of up to $8,000, calculated as 10% of the home's purchase price, when they bought a primary residence within the program's window. It expired for purchases after June 30, 2010, and has not been renewed.
If you're a first-time buyer in Michigan today, you still have real options for reducing your upfront cost — low- and no-down-payment loan programs and Michigan-specific down payment assistance. For more information on today's first time home buyer programs, call 800-555-2098 or apply online.
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How do you qualify for the first time home buyers tax credit?
- You must be a First Time Home Buyer or not have owned a home for 3 years
- You must use the home as your primary residence
- You must have had a purchase agreement signed by April 30th, 2010 (Get Pre-Approved NOW!) to close by the June 30th, 2010 deadline
- How do I get the money? Claim the tax credit on your federal income tax return.
- Are there income limits? Yes — Single $75,000, Married $150,000.
- Do I have to wait to get the money? No — you can amend your previous tax return to get the money fast!
This program is no longer available. Explore current options instead: first time home buyer programs, no down payment mortgage programs, and Michigan down payment assistance grants (MSHDA).
Looking for a first time buyer option today?
The $8,000 tax credit has ended, but low- and no-down-payment programs and Michigan down payment assistance are still available. Talk to a licensed loan officer or call 800-555-2098.
Apply Now 800-555-2098