Financing in Westville>Question Details

Ed Phillips, Home Buyer in Gloucester City, NJ

I refinanced my home in 2009. I have lived there for more than 20 years. Does refinancing or anyother issue qualify me for the $6500 tax credit?

Asked by Ed Phillips, Gloucester City, NJ Thu Feb 11, 2010

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Refinancing does not qualify you. Basically, you have to BUY a new home after having lived in your current one for at least 5 years of the last 8, and the new home nust become your primary residence.
0 votes Thank Flag Link Thu Feb 11, 2010
Refinancing does not qualify you for the tax credit refund.
0 votes Thank Flag Link Thu Feb 11, 2010
I have provided a great link to information about the extended tax credit. Hopefully it will answer all of your questions.
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Ed,
Unfurtunately the only way to qualify for the fax credit, is if you buy a property.
Thanks.
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Ed,

There is a $6,500 tax credit for move up buyers, so if you are considering selling your home and purchasing a new home then you may qualify. There have not been any government incentives for refinancing your current mortgage.
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Ed, Tax Credit will only apply if you purchase a home. I suspect that your recent refinancing signals an intention to stay put, if that is the case, then hopefully your reward came with a handsome reduction in rate.

Best,
Jeanne Feenick
Unwavering Commitment to Service
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Feb 11, 2010
Hello Ed,
Thanks for your question. Unfortunately for you, no, refinancing does not count. The $6500 tax credit is for people that is buying a new home. It is the way the government has to incentive the current buyers to buy some of the inventory out there.
It is a great time to buy specially for 1st time home buyers out there. Low interest rates, great mortgage programs, large number of homes to choose from and the tax credit. Could not be better!
Best of enjoyment in your home though.
Ine De La Cruz
RE/MAX Connection
inesdelacruz@remax.net
Web Reference: http://www.inesdelacruz.com
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Ed:

No, unfortunately it does not. The taxes credits are only for buyers.

Take Care
Gina Fagnani
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Ed,
No sorry, you had to purchase a new primary residence to qualify. In order to qualify the buyer has to be in their current primary residence for at least 5 of the last 8 years and there are also salary requirements.

Thanks,
Heather Daccurso
Remax Realty 9
732-580-5309
email: heather@heatherdaccurso.com
0 votes Thank Flag Link Thu Feb 11, 2010
The credit is for purchases of a new home. Refinancing an existing home does not qualify.
0 votes Thank Flag Link Thu Feb 11, 2010
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