That’s higher than the overall unemployment rate of 5.6%, but young buyers will benefit from key markets. Since affordability and coming up with a down payment are often challenges for first-time buyers, markets with the lowest home prices relative to local incomes could present the greatest opportunities for growth.
http://fortune.com/2015/02/23/why-first-time-homebuyers-will-make-a-comeback-in-2015/
In 2014, most factors that held them back started improving dramatically: after reaching a high of 10.6%, the unemployment rate for 25 to 34-year-olds — who make up the majority of first-time buyers — has fallen to 5.9%.
http://fortune.com/2015/02/23/why-first-time-homebuyers-will-make-a-comeback-in-2015/
First-Time Home Buyer Credit in Washington DC. The first-time home buyer credit in Washington DC provides a federal tax credit up to $5,000 for home buyers who are purchasing their first primary residence in the District of Columbia. The amount of the tax credit is based on the home buyer’s modified adjusted gross income.
http://www.rsititle.com/home-mortgage-lender-resources/resource.html?resource_id=32
The original first-time homebuyer tax credit provided buyers with a tax credit of up to $7,500. The tax break subsequently was expanded, with a new credit limit of $8,000 for first-time homebuyers and $6,500 for homeowners seeking to move into another residence. But as with all things tax, in order to get the most of this tax benefit, homeowners must follow the Internal Revenue Service rules.
http://www.bankrate.com/finance/taxes/homebuyer-tax-credit-claims-and-payback-1.aspx
During the frustratingly slow recovery of America’s housing market, it’s no secret that first-time homebuyers in their mid 20s to 30s have missed out. Mortgage rates have been ultra low, but since the housing market crashed in 2007, young people today haven’t purchased as many homes as previous generations.
http://fortune.com/2015/02/23/why-first-time-homebuyers-will-make-a-comeback-in-2015/
The original first-time homebuyer tax credit was not a true credit. Rather, it essentially was an interest-free loan from Uncle Sam, and every loan has payback terms. In this case, the credit is to be repaid in 15 equal payments of $500 each tax-filing time, beginning with 2010 returns. The first tax year that this credit was repaid, you had to complete Form 5405 and transfer the appropriate payment amount to your Form 1040.
http://www.bankrate.com/finance/taxes/homebuyer-tax-credit-claims-and-payback-1.aspx
The State of Maryland provides a credit to first-time home buyers at the time of purchase by exempting them from paying the buyer’s portion of the State transfer tax, which is .25% of the sales price. The State transfer tax is .5% total, typically split 50-50 between the buyer and seller.
http://www.rsititle.com/home-mortgage-lender-resources/resource.html?resource_id=32
A first-time home buyer for the D.C. tax credit is defined as someone who has not owned property in DC during the one year period ending on the date of the purchase. To claim the credit, use IRS form 8859 District of Columbia First Time Homebuyer Credit.
http://www.rsititle.com/home-mortgage-lender-resources/resource.html?resource_id=32
Individual taxpayers are eligible for partial credits, until their income exceeds $90,000. The credit phases out for married taxpayers filing jointly once their income exceeds $130,000. You are eligible for the credit even if you own property outside of the District, but are a first-time home buyer within the district.
http://www.rsititle.com/home-mortgage-lender-resources/resource.html?resource_id=32
And 25 to 34-year-olds, in particular, will drive as much as half of all new home sales this year. The share of first-time buyers has been stuck near 30% when it has historically been 40% to 50%.
http://fortune.com/2015/02/23/why-first-time-homebuyers-will-make-a-comeback-in-2015/
how much is the first time home buyer credit
The first time home buyer credit is up to $7,500. The First Time Home Buyer Credit is up to $7,500.