The Best Federal Tax Credit For 1St Time Home Buyers References. What is the first time home buyers’ tax credit? You can claim up to $5,000 for the purchase of a qualifying home in the year if both of the following apply:

Learn about everything questmortgage has to offer. You also have to occupy the home as your principal place of residence within the year after buying or building it. After you buy your first home, the credit must be claimed within.