1st time buyer tax credit

[darrell]

I just bought a home in June 08. Thanks to you all for all the support and asking my questions before buying the home.

I was financed for the home via FHA loan, and now want to apply for the 7500 1st time buyer tax credit. I understand I have to payback in two years. The house cost was 157k

Is a FHA mortage loan considered to be a mortgage revenue bond (MRB) program? If so, I can not apply for the 1st time buyer credit.

Thank you all in advance.

[Anonymous]

Yes, you can apply for the $7500 credit, but understand that as of now, you purchased in 2008 so your $7500 credit will need to be paid over the next 15 years, $500 per year on your annual taxes.

[DallasLoanGuy]

15yr payback.

no, fha is not a bond program. financing with fha loan does NOT disqualify you

[Anonymous]

As of now, the credit will have to be paid in equal amounts of $500 over 15yrs, though, you have a two year grace period before the first payment is due.  This is def. a great opportunity but my advice to all is use the money wisely!  Lets not spend on useless luxuries, rather...Improve your home, puchase needed furniture or pay down your loan balance.