I have a question about first time home buyer taxes. Is there a first time home buyer tax credit available?

As a first time homebuyer, tax credit is not necessarily available to you. However, as a first time homeowner taxes may reduced by itemizing your tax return. This is true even if you are not a first time homeowner. if you itemize, you can claim some deductions that are available to homeowners:

• Mortgage interest credit — if you were issued a mortgage credit certificate
• Mortgage interest deduction
• Real estate tax deduction
• Points paid to reduce your mortgage interest rate
• Qualified mortgage insurance premiums