MORE ABOUT THE HOMEBUYER TAX CREDIT PROGRAM
How does the Homebuyer Tax Credit work?
The Homebuyer Tax Credit is a direct dollar-for-dollar reduction in your federal taxes worth 10% to 50% of the interest you pay on your mortgage.
You can estimate your potential savings by using the following
formula:
"Mortgage amount x loan interest rate = annual mortgage interest paid. Annual mortgage interest paid x Homebuyer Tax Credit rate = annual tax [...]