Imagine getting a loan that is 100% interest free for your first home. The federal government has done some revamping of the First Time Home Buyer tax credit, which is exciting news for first-time home buyers. With it, you could save up to $7,500 on your first home purchase.
To obtain the tax credit for buying a new home, there are a few steps that you need to be aware of; you must have a binding contract by April 30th, 2010 and you must complete your closing sixty days after the contract date. New buyers can get a return of 10% of their purchase price up to $8,000 and buyers who have lived in their previous home can get a return of 10% of the purchase price up to $6,500.
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