1st Time Home Owner Tax Credit - Refinance?
We purchased our first home in June 2008. We are considering taking advantage of the $7,500 import tax credit for 1st time home buyers, but also want to take advantage of the HUGE drop within interest rates and refinance this week. The federal guidelines stipulate that you can take advantage of the levy credit and repay the government over 15 years (interest free) unless the home is sold.
Would a refinance prevent us from taking advantage of the credit and would refinancing be considered as selling the house since a brand new bank note would be issued?
Answers:
No. You can refinance without affecting the credit (which is really simply a loan since you have to repay it).
Would a refinance prevent us from taking advantage of the credit
No.
and would refinancing be considered as selling the house since a new mound note would be issued? No. as long as the house is not sold Source(s): I am an accountant
The refi won't hurt your eligibility for the credit - it isn't selling the house. Many lenders won't permit you refinance that soon, though.
Refinancing is not selling.
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Would a refinance prevent us from taking advantage of the credit and would refinancing be considered as selling the house since a brand new bank note would be issued?
Answers:
No. You can refinance without affecting the credit (which is really simply a loan since you have to repay it).
Would a refinance prevent us from taking advantage of the credit
No.
and would refinancing be considered as selling the house since a new mound note would be issued? No. as long as the house is not sold Source(s): I am an accountant
The refi won't hurt your eligibility for the credit - it isn't selling the house. Many lenders won't permit you refinance that soon, though.
Refinancing is not selling.
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