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Replies (5)
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
If you have an accountant or someone who is knowledgeable about taxes, I would recommend you asking them. I believe that you are elegiable, but not 100% certain.
Your VA loan will allow you zero down up to 417K. If you are not already under contract, you can negotiate for the seller to pay closing costs. You will probably have to add the VA Funding Fee to your loan.
Good luck
- Northpointe Bank
- Contributions:128
Typically the only non qualifying loans are state or municple bond loans. You can usaully identify them because the will have the name of the state in them. For example in michigan the program is the MSHDA ( michigan state housing develompent authority)
- Kevin Hancock, "khancockloans"
- Contributions:24
VA Borrowers are eligible for the credit.
According the information released on July 30th regarding H.R. 3221, "If the financing is obtained by means of mortgage revenue bonds (i.e., through a tax-exempt bond-related financing program offered by a sate housing agency), then the purchaser is not eligible for the tax credit."
There are also income limits to be aware of - $75k for single filers and $150k for those filing jointly.
"There are also income limits to be aware of - $75k for single filers and $150k for those filing jointly. "
True but not true.
The credit has a phase-out so that the closer a buyer comes to the maximum phase-out
amount, the smaller the credit will be. For this new credit, the credit amount is gradually reduced as an individual’s income reaches $95,000 (single return) or $170,000 (joint return). Individuals with income above $95,000 ($170,000 joint return) will receive no tax credit.
Incomes between 75k and 95k for a sngle filer or 150k to 170 k for joint filers are still eligible for a reduced credit.
VA loan and First Time Buyer Credit
I am getting a VA loan and was wondering if I'll be able to get a first time buyer credit (or interest free loan) of $7500.00. I heard some programs don't qualify for it, is this one of them?
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