Definition
Tax credit providing financial assistance to first-time homebuyers, typically $8,000-$15,000.
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First-time buyer credits have been offered periodically (notably 2009-2010). Credit directly reduces taxes owed. Check current availability.
Pro Tip
Research available first-time buyer credits; can provide significant financial assistance for home purchase.
Example
First-time buyer credit of $8,000 reducing tax liability for purchase of primary residence.