New $6500 Tax Credit on New Build? (mortgage, mortgage, housing, construction)

[girlbuffalo1]

I'm trying to figure out if we qualify. We closed on selling our previous home (which we owned for 8 years) on Oct 23rd. Our new home is currently being built--so we have a construction loan. The permanent 30 year mortgage will be converted upon completion of our home (around 1st of the year)--do we qualify?

[rjrcm]

I think so, as long as you close on the new home being built before July 1st. However, check with a tax professional or call the IRS to be sure.

[JustJoy]

Here are a couple of FAQ links that may assist you as it addresses which type of residences are covered, including new builds, etc.

Federal Housing Tax Credit: Frequently Asked Questions About the Move-Up/Repeat Home Buyer Tax Credit (http://www.federalhousingtaxcredit.com/faq2.php - broken link)

Federal Housing Tax Credit: Frequently Asked Questions About the First-Time Home Buyer Tax Credit (http://www.federalhousingtaxcredit.com/faq1.php#13 - broken link)