VA Loan Questions prerequisite for first time home buyer?

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I need some info here. I know if I can find a multitude of assumptions about the loan and the VA has been consulted. I had my house for about 2 years and I am ready to move. My friend expects to my mortgage (reducing costs). My only question is whether he has read the first time home buyer tax credit and get your 8k? Or because it is the assumption of a loan, it is not considered a first time home buyer?
I’m not sure I understand how it works …. I’m looking for is: I have a mortgage on my house was estimated at about 62,000,110,000 … I want to refinance 95000 (3000.00 on documents and fees for a )……. 30,000 cahs So, how the work other than a loan, for example? What should I look for reasonable payment?

3 Comments
  1. Reply
    Glenn S
    January 30, 2011 at 2:39 pm

    Financing has nothing to do with the first time buyer program so yes the new buyer should be able to get the federal tax credit, but the program is set to expire in early November. The property must change title before the expiration date.

    2nd…VA loans are not assumable unless the new buyer is a qualifying vet. (qualify both with military service and credit worthiness). Also if he assumes your loan you will not be able to get another VA loan until the old loan is paid off.

  2. Reply
    jlf
    January 30, 2011 at 3:24 pm

    The method of financing has nothing to do with qualifying for the tax credit. Whether he CAN assume the loan is another issue.

  3. Reply
    Ronald H
    January 30, 2011 at 3:47 pm

    Although I can’t answer this, do not listen to any of the above answers. I just reported them all.

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