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Not sure. I thought everyone who bought a home got it.
Does paying in cash prevent you from gettng the credit?
I'm not sure what a CDA loan is, but if your financing is from proceeds from a mortgage revenue bond that is tax-emempt (e.g. a state or local bond), then you may not claim the $7,500 credit (aka interest-free loan). I don't think there is any rule against paying cash.
There are other restrictions as well - can't have owned a home in the last 3 years, can't be a nonresident alien, can buy from a related party, and can't have income over certain limits.
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Does a CDA loan disqualify you from taking the $7500 credit?
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jsisco21755
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I read somewhere that you are not eligible for the $7500 tax credit if you have certain types of mortgages....
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