As a first-time home buyer, you have access to strong incentives to help you turn your dream into a reality. Check out your options or contact us to learn more.
If you, your spouse or common-law partner haven’t owned a home that you've lived in, in the past 4 years, or haven’t ever owned one, you may qualify for the First-Time Home Buyers’ Tax Credit (HBTC). It's also called the Home Buyers’ Amount. What's the HBTC? The HBTC...
Previously, first-time home buyers could withdraw up to $25,000 tax-free, but now the limit has been increased to $35,000. This plan allows people to save more for their down payments rather than just their income after taxes. However, homeowners must repay the amount within 15 years....
Three steps to your first home Buying a home doesn't have to be intimidating. With this step-by-step guide, you can explore resources designed for first-time home buyers just like you.Step 1: Get prepared It's important to understand how home mortgages work, how they will impact your ...
Of course, few first–time buyers have saved enough for 20% down. But the good news is that you don’t need that much. Not by a long shot. Borrowers can often get into a new home with as little as 3% or even 0% down using one of these low–down–payment mortgage programs: ...
First-time Home Buyers’ Tax CreditStep 2: Find a home in your budget Planning ahead by getting pre-qualified allows you to understand the maximum purchase price you may be able to afford, so your house hunt can be successful. 1. Finding a realtor Your realtor will take the time to ...
Understanding the First-Time Homebuyer Tax Credit The federal first-time homebuyertax creditwas part of the massive effort to bail out the U.S. economy during the Great Recession that began in 2007–2008. It applied to home purchases made by qualified first-time buyers between April 9, 2008...
Because the First Home Savings Account is designed to help home buyers, only withdrawals put toward a home purchase will qualify and receive tax-free treatment. To make a qualifying withdrawal, you must: Be a first-time home buyer and reside in Canada at the time of your withdrawal. Have...
New Tax Credit Good News for First-Time Home Buyers
As a further incentive to homebuyers, the normal 10% penalty for pre-age 59½ withdrawals fromtraditional IRAsdoes not apply to first-time home buyers who break into their IRAs to come up with the down payment. However, this exception to the 10% penalty does not apply to withdrawals from...