Someone this week asked me this question:
“If I finance my home with a VA mortgage loan, can I still claim the 8000 tax credit?”
And the answer is…
The way that the 8000 tax credit works is it doesn’t matter what loan program you finance your home with, it only matters that you are a first time home buyer. So if you are a first time home buyer and finance the home with a VA loan, then yes – you will qualify. But if you don’t qualify as a first time home buyer and you finance your home with a VA loan – then no, you won’t qualify.
I realize that it is all confusing — but the simple way to remember how the tax credit works is just to remember that it is based on whether or not you are a first time home buyer and not what loan program you use to finance your home.
So if you use a VA loan to finance your home — yes, you may be eligible for the 8000 tax credit… and no, you may NOT be eligible for the 8000 tax credit – depending on whether or not you are a first time home buyer!