Comments on: Federal Housing Tax Credit and YOUR VA Loan

By: themightyquin

themightyquin — Sun, 02 Aug 2009 05:44:36 +0000

Nicole,

I couldn’t agree more. Let’s hope our government see’s it that way too!

By: Nicole Manuel

Nicole Manuel — Sat, 01 Aug 2009 20:39:35 +0000

I also want to know that question, My husband is currently deployed in Iraq , we so want to take advantage of the tax credit.. They should really extend it for deployed soldiers of 09.

By: themightyquin

themightyquin — Fri, 24 Jul 2009 17:12:30 +0000

Hello Linda,

Let me first extend my thanks to your husband for his service to our country!

Although you pose a great question, the IRS has not provided any further information. I can’t speculate on what the future holds. Knowing how things work, I would bet our government does not start focusing on 2010 politics until 2010.

Best regards,
Quin

By: Linda

Linda — Thu, 23 Jul 2009 19:27:36 +0000

What if my husband is deployed for the year of 2009 and we will not buy first house until he returns in 2010? Is there any special exception for deployed military to be able to take advantage of the tax credit when they return from deployment?

By: themightyquin

themightyquin — Mon, 06 Jul 2009 22:03:50 +0000

Samantha,

Your in luck!! It does not matter “HOW” you purchased your home so long as you “QUALIFY” as a first time buyer. If you read through my past comments, I posted the government definition of a first time home buyer. If you meet this criteria… your in!

In order to receive the benefit you need to print out the IRS form that I attached in my article and submit that during tax time.

Best regards,

Quin

By: Samantha R.

Samantha R. — Mon, 06 Jul 2009 16:48:01 +0000

My husband and I just bought our first house 6 weeks ago with a VA loan. Since we did not use an FHA loan will we still get the $8,000 tax credit?

By: Kim W.

Kim W. — Fri, 03 Jul 2009 17:15:34 +0000

That sounds great, because my closing date for the new home is a week after my 3 year purchase date of my last home. So this should indeed qualify, right? The new home will become my primary residence and I am renting the last home, are there stipulations on that?

By: themightyquin

themightyquin — Wed, 01 Jul 2009 00:10:38 +0000

Hello Kim,

According to the US Dept. of Housing, the definition of a first time home buyer is:

An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time home buyers.

By: Kim W.

Kim W. — Tue, 30 Jun 2009 20:59:41 +0000

What qualifies you as a first time home buyer: the previous home being your primary residence for 36 months exactly or the previous home being owned by you for exactly 36 months before you close on the purchase of a new home? Please confirm because if I have to push the closing date of my new purchase to meet the requirements, I will. Thanks.

By: Daniel

Daniel — Wed, 24 Jun 2009 11:43:23 +0000

You have been a great help thanks for your research hopefully I will not have to deal with this problem but with the military it is always unknown. But at least I know this could happen and won’t be surprised.