Zillow Advice: Mortgage - VA loan and First Time Buyer Credit

"There are also income limits ...

Wed, 05 Nov 2008 04:51:00 GMT

"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 Borrowers are eligible ...

Wed, 05 Nov 2008 03:47:00 GMT

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.

Typically the only non qualifying ...

Tue, 04 Nov 2008 20:28:00 GMT

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)

VA Borrower-VA loans should ...

Tue, 04 Nov 2008 17:14:00 GMT

VA Borrower-

VA loans should qualify for the tax credit. Depending on your purchase price, you should be good up to $7500.

If you have an accountant ...

Mon, 03 Nov 2008 21:34:00 GMT

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