Since first time home buyers tend to be buying a house with less startup capital than others, the government and lenders have to offer incentives to keep the housing market alive. First time buyers can enjoy tax incentives, down payment assistance, and grants that make monthly payments less of a burden.
The bad news: The First Time Home Buyer's Tax Credit is no longer valid as of 2010. The good news: There are still plenty of tax incentives for first time buyers that will help offset the cost of buying a home.
Property Tax Deduction
This is a deduction to the amount of your taxable income that varies based on how valuable your house is. You can deduct the amount of property tax you pay to the state or local area…