First time homebuyers who have never owned their own home in the last few years are benefiting every day with new tax credits. First time buyers who bought their homes before December 1 of 2009 may qualify for a credit on your taxes that could be worth over $7,500. People with incomes over $50,000 as a single person or over a $100,000 for joint incomes, could very well qualify for this credit.
A person can raise the value of their home by deducting their property taxes. For the first few years of owning a home, the monthly payment on the home will go straight to the interest, but investing in a home can also help you deduct this interest from your taxes.
The process of buying a home can be overwhelming. This is why we offer professionals to help you understand the process.