My wife and I recently used our VA loan for the first time on our first home. Will we still get the 1st time home buyer credit?

2017-09-10T10:55:39-04:00

Response by PFC Deborah Shepherd made Sep 10 at 2017 1:51 PM

2017-09-10T13:51:35-04:00

I just recently purchased using the VA Home Loan as well.

Response by SP5 Peter Keane made Sep 10 at 2017 2:11 PM

2017-09-10T14:11:19-04:00

First Time Homebuyer Credit ? If you are speaking of the IRS program, that expired 7 years ago.

Response by SGM Erik Marquez made Sep 10 at 2017 2:13 PM

2017-09-10T14:13:33-04:00

Im hoping no bank or mortgage rep fed you a line about an IR|S program that ended in 2010

"You may be able to take the first-time homebuyer credit if you were an eligible buyer who purchased a home as your primary residence in 2008, 2009 or 2010. Eligibility varies depending upon the year of your purchase. And there are specific benefits that certain members of the military and certain other federal employees have, such as an additional year to buy a home in the United States, if they otherwise qualified for the credit.

This credit reduces your tax bill or increases your refund depending on the tax you owe. The IRS refunds the credit, even if you owe no tax or the credit is more than the tax owed. [Added 1/4/11]

Legislation enacted in July 2010 extended the closing deadline from June 30 to Sept. 30, 2010, for eligible homebuyers. Legislative changes in November 2009 expanded and extended the credit and also added documentation requirements for claiming the credit. Due to increased compliance checks by the IRS, failure to submit documentation will slow down the issuance of any applicable refund."

Or perhaps you have new information about a NEW program that just came on line???

Response by SSG Private RallyPoint Member made Sep 11 at 2017 12:34 PM

2017-09-11T12:34:00-04:00

As others have mentioned, that's an old program. Depending on where you purchased, you may be entitled to a Homestead Tax credit. Varies by state.