• How the First Time Homebuyer Credit Works

    April 27, 2016
  • Alia Hoyt “How the First-time Homebuyer Tax Credit Worked” 1 December 2014.

    Back in the pioneer days, settlers drove claim stakes into the ground, parked their oxen and set up camp. Then they started building their houses from log in nearby trees. Now, the homebuying process is fraught with contracts, terminology and the threat of looming mortgages that are often enough to scare potential buyers into remaining renters.

    In 2008, former President George W. Bush and the U.S. government introduced the first-time homebuyer credit to encourage people to get off their keisters already and take the first-home plunge, as part of the Housing and Economic Recovery Act of 2008.

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