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 www.mainehousing.org/giftofgreen/.
    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.