Pa First Time Home Buyer Tax Credit. Educational improvement tax credit program eitc opportunity scholarship tax credit program ostc. The new homeowner s 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.
A federal tax credit of 20 to 50 of the mortgage interest paid each year at a maximum of 2 000 a year. Biden s 15 000 first time homebuyer tax credit explained. Qualified borrowers can receive up to four percent 4 of the purchase price or market value or 6 000 whichever is less in downpayment and closing cost assistance to be repaid monthly.
This tax credit was up to 7 500 for first time homebuyers which was very exciting at the time.
Nerdwallet january 16 2020. Biden s 15 000 first time homebuyer tax credit explained. August 26 2020 6 18 pm by kathleen howley. The phfa mortgage tax credit certificate program offers.