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Current Home Owner Tax Credit Question

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Forums » For Mortgage Professionals » General Mortgage Discussion » Current Home Owner Tax Credit Question
 

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Latest post Fri, Nov 6 2009 8:23 PM by Bryan Bledsoe. 1 replies. Viewed 210 times.
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  • Fri, Nov 6 2009 5:22 PM                

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    Wife and I are signing a contract tomorrow to build a new house.  The build process is suppose to take 6-8 months.  Assuming we close by July 1st, is it your oppinion that we would receive the $6,500 tax credit?

    We're not sure if the contract that we sign with the builder tomorrow would be considered a binding contract to purchase a new home.  Also, we just sold our current home and have moved in with my parents during the build process, so would we be considered "current home owners"?
     
    Thank you for you time and assisting us with these questions.

  • Fri, Nov 6 2009 8:23 PM                 In reply to

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    If you lived in a home continuously for 5 years out of the last 8 years then it appears that you would be eligible.   I think that it may make a difference if you are obtaining an all in one construction loan (you qualify), construction loan (don't know if you qualify) or the builder is building the home and you aren't obtaining a construction loan (you qualify) if you close by the end of June.  Wonder what others think about this?  Check with your CPA or tax advisor to be certain.

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     Bryan Bledsoe Direct Line 509-922-8699 bryan@bledsoehomeloans.com www.bledsoehomeloans.com Allied Home Mortgage Capital Corporoation, 1225 N Argonne, Ste C, Spokane Valley, WA 99212 Doing business in Washington and Idaho Loan officer NMLS 12483 - Branch Office NMLS 49957
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