Beginning in 2008 qualifying participants were allowed to take advantage of the First-Time Home Buyer Credit, allowing thousands of hard working Americans to achieve the American dream of home ownership. The First-Time Home Buyer Credit was a non-partisan effort to aid in stabilizing the housing market, allowing up to an $8,000 tax credit for first time home buyers.
This aided our struggling economy, put thousands back to work and allowed qualified applicants to take advantage of low interest rates and a large existing home market. All of these factors exist today in most markets and you have a new generation of prospective buyers who without this credit could still be years away from making this dream a reality.