$7500 tax credit for home buyers?

Question

I have a question regarding the $7500 tax credit for home buyers. I was in a land contract since 2002 - 6 years. And recently I just refinanced my home, FHA Stream Line Home Loan in June/08. I bought the home in 2002 on a land Contract, me only.

I got married in 2006 and refinanced 2 months ago, with my Wife...... Do I qualify as a "refinance land contract"? Or will my wife qualify - because she was just put on the house, and she never owned a home prior? We file our tax's jointly......

Answer 1

This credit is still really sketchy even with tax people.  They will not have these answers until it gets a little closer to tax time.  Find out if this is right for you from your accountant.  This is a interest free loan.  YOU WILL PAY IT BACK.  I think the amount will be around 500 per tax year meaning you will get it taken from your tax returns.  This may or may not benefit you. Do not choose to use it unless it will help.

Answer 2

The credit is for first time buyers, the idea is to get houses off the market.  It is not available to the population in general.

Answer 3

She just might qualify but i think it is only for a home "purchase" and she didn't purchase it from you. She was just added to the deed.  If that worked, we would all be adding our friends and family to our deeds so everyone could get $7,500.

Answer 4

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