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$8,000 Tax Credit and USDA Guaranteed Loan
July 6th, 2009 | 
Author: There has been some questions as to if you qualify for the $8,000 First Time Homebuyer Tax Credit if you are financing a home purchase with a USDA Rural Guaranteed Loan. The answer to this is: YES, as long as you qualify for the tax credit.
There are websites that say that if you are getting a USDA loan you don’t qualify for the tax credit, however, they are confusing the USDA Direct Loan, which is an interest subsidized loan, with the USDA Rural Guaranteed Loan, that isn’t subsidized.
Naturally, in all questions having to do with taxes, I defer to the tax professionals, and if you have a tax question, please check with a tax professional. What I have given here is just my opinion and not tax advice. Is it time to be actively searching for your new home? Give me a call at 541-342-7576/541-221-3455 Cell or e-mail me at eugeneloanguy@gmail.com.
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This credit is excellent. It really has done a lot to recover the economy. I am glad that they are extending this credit to these kind of loans. Anything we can do to increase peoples worth is doing the right thing.
I think these loans are pretty great, especially for first time buyers to get on to the property ladder in these difficult economic climate!
Thanks
Laura