What types of home-buyer tax credits are available?

In Pennsylvania, there are several different tax credits available to home-buyers. The Pennsylvania Property Tax/Rent Rebate Program can provide a tax rebate of up to $650 for senior citizens, widows, and disabled individuals who meet certain eligibility requirements. Other credits available to home-buyers include the Keystone Home Loan Program, which offers reduced interest rates for first-time home-buyers, as well as the Home Improvement Loan Program which offers low interest loans for energy-efficient home improvement projects. The state of Pennsylvania also offers the Homestead/Farmstead Exclusion Program, which allows residents to reduce their property taxes on their primary residence. This program is available to homeowners who are over the age of 65, disabled, or blind and use the property as their primary residence. The Mortgage Credit Certificate (MCC) Program is available for first-time home-buyers and provides a federal tax break of up to 20% of the interest paid on their mortgage loan. Additionally, the Homeowners Tax Credit Program (HTC) offers an additional credit to home-owners based on their income, helping to further reduce their property taxes. Finally, the Home Buyer Savings Account (HBSA) program is a tax-advantaged savings account which can help with the purchase of a home. The program provides a tax credit for contributions, as well as interest earned on the account. All of these programs are available to home-buyers in Pennsylvania, helping to reduce the cost of owning a home in the state.

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