Is a mortgage required to claim the first-time homeowners $8,000 credit or does a conventional loan qualify as well?
April 11th, 2010 by admin
My wife and I are buying a house on a conventional loan but are first-time buyers. Also, would we have to live there for at least 3 years or can we live there for 2 1/2 years and rent it out and still qualify?
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Go to http://www.irs.gov and get the rules directly from the horses mouth, so to speak. Just type first time buyer’s credit in the search box and voila.
Congrats on the home.
the tax credit is not related to the type of loan you obtain. You receive the tax credit for purchasing a principal residence.
If the home ceases to be your principal residence for less than 36 months you will need to repay a portion of the credit.
Any type of financing is allowable, as long as you take title to the property and qualify in other regards. You ARE required to use the property as your primary residence for three years after your purchase.