First-time homebuyer credits expire soon

15 years ago

    Sen. Roger Sherman (R-Houlton) would like to remind potential home-buyers in his district about the state and federal First-Time Homebuyer programs.
    The federal First-Time Homebuyer tax credit was expanded under the recent stimulus package. The law will give people, who have not owned a home in the past three years, a tax credit of 10 percent of the purchase price of their new home, up to $8,000. In order to qualify for the credit, first time buyers must purchase a home before December 1 of this year. Buyers who sell the home within 36 months of purchase may be required to repay some or all of the credit.  
    Maine also administers a first time home buyer’s program called the “Gift of Green.” The program offers a grant of $5,000, but no more than 4 percent of the loan amount. Additionally, there is a $500 weatherization coupon available. To be eligible for the Gift of Green, the homebuyer must pay at least 1 percent of the loan with his or her own resources. More information can be obtained at
    The federal tax credit will only be applicable to homes purchased before Dec. 1, 2009, and there are a limited number of Gift of Green loans grants available.