Veteran’s home buying tax credit… Who has experience with this, as simply as

Credit and mortgage advice Forums Buying Your Home Veteran’s home buying tax credit… Who has experience with this, as simply as

This topic contains 9 replies, has 6 voices, and was last updated by  Anonymous 7 years, 6 months ago.



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  • #203337

    Anonymous

    posible, how did it work? I already have my Cert from the VA and want to purchase before it runs out next May. Does it need to be started by May, closed by May or somewhere in between? Also, where exaclty does the $8,000 come in?



  • #269035

    Anonymous

    See IRS form 5405 and instructions, especially instructions for line D. If you qualify, you have to either purchase it “before” May 1, 2011, or enter into a binding contract before then and close “before” July 1. 2011. Note that any contract regarding real estate has to be in writing to be binding, and the occupant of a short sale or foreclosure may not be authorized to do that.

  • #272608

    Anonymous

    This must be a state credit.

    The federal credit doesn’t work this way.

  • #272767

    Anonymous

    This must be a state credit.

    The federal credit doesn’t work this way.

  • #272829

    Anonymous

    This must be a state credit.

    The federal credit doesn’t work this way.

  • #427369

    Anonymous

    that is odd.. usually you will have a loan commitment in two weeks…. why you don’t change banks? you could… if the the seller waited for sooo long, why not?

  • #427370

    Anonymous

    You need to hire a lawyer immediately. Something like this could cause you to lose your house. What I would do first is call the LO and tell him/her that if they can’t commit to the loan, then you’re going somewhere else, and will be filing complaints with every agency you can think of. I would think that if you were going to be approved(or denied) based on your credit, that would have happened pretty darn quickly. My girlfriend and I got 152K at 6.25% with a credit score of 640 and combined income of under 75K. It’s still not that hard to get a loan, even with less than stellar credit.

  • #427371

    Anonymous

    I think you need to try with another lender. Both times we purchased real estate we had a commitment letter within two weeks.

  • #281278

    Anonymous

    I’m not sure you have accurate information. The federal credit was not specifically for active duty, but has now expired except for Active Duty. The deadline was extended to 2011 for certain active-duty service members getting VA loans.

    “Who Is the Credit For?

    The credit is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

    How Do I Get The Credit?

    To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.”

  • #284168

    Anonymous

    The 8k tax credit expired, it will not come into play

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