Comments on: Why would I not qualify for the first time homebuyer tax credit?

By: v b

v b — Sun, 29 Nov 2009 22:52:52 +0000

The bank is CORRECT.

If your loan was funded from tax-exempt revenue bonds (which the bank says it was), you have already received a benefit. Your interest rate was funded, in part, from those bonds.

Since the government doesn’t get taxes from those bonds, it is saying you don’t get TWO tax benefits when buying the house.

By: ~~Christina~~

~*~Christina~*~ — Thu, 26 Nov 2009 22:03:22 +0000

I would call your mortgage company and have them explain to you why you don’t qualify. And by explain, I mean have them go through every little word and explain what it means. I hate when I call places and they repeat to me what was in the letter, I don’t know all the legal terms, why do they think I called in the first place!

Good luck! That really sucks, we have FHA too, so I’ll be looking out for any bad news letters.

By: hrblock.laura

hrblock.laura — Thu, 26 Nov 2009 21:33:37 +0000

I am not sure why you do not qualify, but I am sending you the IRS link about the credit. Check out the very bottom and see if you fit into any of these categories.

Let me know if this information does not answer your question and I will do some further investigation

Laura H – H&R Block – Senior Tax Advisor 5
**This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

By: The Original Rachel Raye

The Original Rachel Raye — Tue, 24 Nov 2009 12:51:37 +0000

It is not a tax credit anyways – but a loan – you have to pay it back (just wanted to mention that in case you didn’t know) – and you should qualify for it – I was under the assumption that as long as you bought a home that you could get the extra 7,500 (15,000 if you are a couple). I would talk to your mortgage company – we too have an FHA loan – but don’t plan on applying for the Tax credit (because we don’t want to owe the government money).

By: Cpataxweb.com

Cpataxweb.com — Sat, 21 Nov 2009 08:11:13 +0000

Because you are not a first time home buyer. You had already purchased a home before!

By: Judy

Judy — Wed, 18 Nov 2009 13:32:49 +0000

The big story is that it is not a credit. It is a loan, and you are going to have to pay it back, so you’d better make sure that you have the money.
If you claim the credit, you could end up with some tax issues a couple of years down the road because of the tax liability, and if you sell the house, there is a possibility that you could have a bigger tax bill.”

Don’t sweat if if you didn’t get approved. It’s just a loan.
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