I guess I’m one of the 5% that qualify for both federal and state tax credit programs:
– Have not owned a home for the past 3 years
– Family combined income of less than $150K
– Buying a new home (never been occupied)
– Will own only one home and plan to live there for at least 5-10 years.
However my lender informed me that neither program would provide immediate relief in terms of reducing closing costs or principle loan amount. If I have to wait until next year to benefit from the tax credit programs, that’s too long.
