Posted on: 07th Mar, 2010 10:32 am
people keep telling me that "refinancing" is considered part of the $6,500 credit. they also tell me news and advertising companies have continually stated this. i have read all the literature on this and do not see anything that states "refinance". come someone let me know if "refinancing" your home considered part of the $6,500 credit.
Hi Russell,
As far as I know, you do not qualify for the credit of $6,500 if you refinance your mortgage. The credit is available to existing home owners who have owned a primary residence for the 5 consecutive years out of the last 8 years and are looking to purchase a new home. If you merely refinance the existing loan, it does not qualify as a purchase transaction and you do not qualify for the tax credit of $6500.
As far as I know, you do not qualify for the credit of $6,500 if you refinance your mortgage. The credit is available to existing home owners who have owned a primary residence for the 5 consecutive years out of the last 8 years and are looking to purchase a new home. If you merely refinance the existing loan, it does not qualify as a purchase transaction and you do not qualify for the tax credit of $6500.