Homeowners who installed solar panels, geothermal heat systems, and wind turbines between 2022 and 2032 may receive a tax credit worth up to 30%. There is no maximum on the amount that can be claimed.16 Energy-efficient windows and heating or air-conditioning systems may also be eligible...
Though the First-Time Homebuyer Tax Credit is no longer an option, there are many ways you can save money on your taxes as a new homeowner.
Must have been at least 18 years old: First-time homeowners were required to be at least 18 years old by the purchase date of their property or married to a person who is at least 18 years old. Could not purchase a home from a relative: Homebuyers weren’t allowed to purchase a home...
The federal first-time homebuyer tax credit was available to Americans purchasing their first homes from April 2008 through September 2010.1It has expired, but prospective homeowners can still use a number of otherfederal policies and programsthat encourage homeownership. In addition,most stateshave pro...
Some conventional loans aimed at first-time home buyers with excellent credit require as little as 3% down. But even a small down payment can be challenging to save. For example, a 3% down payment on a $300,000 home is $9,000. Use a down payment calculator to decide on a goal, and...
First-time homeowners may be eligible for mortgage interest tax credits for a portion of the interest that the state pays on their behalf. To do this, you must obtain a “mortgage credit certificate” from your state or local government before obtaining a mortgage. Contact your local government...
A more recent program from RIHousing, the RI Statewide DPA Grant, provides down payment and closing cost assistance to help first-time buyers become homeowners in today’s competitive market. The help comes in the form of a grant that doesn’t require repayment, and qualified applicants are el...
Budgeting Tips for New Homeowners An accurate home budget can help you plan for the true cost of home ownership. Read More What Do You Need to Buy a House? Buying a house can be a complex process. New approaches may make it easier, but it’s a good idea to understand all the key...
In addition, homeowners who itemize their taxes candeduct interest paid on mortgageson their annual federal income tax return. You can only deduct the interest on up to $750,000 of mortgage debt if married filing jointly, or up to $375,000 if single. ...
Your lender may require you to get homeowners insurance as part of the approval process. Even if they do not, it’s a good time to get quotes from your insurance company, or shop your homeowners insurance policy around with a few providers to get the best deal on coverage. ...