Qualify for tax credit?!

[Jesbo]

I filed BK in October of 2006 and was discharged 1/30/07. We filed on a home and immediately vacated the premises.

Just bought a new house in June of this year. Will I qualify for the 2009 first-time home buyers tax credit?
Anyone know? Thanks in advance!

[freedom7]

it depends on when you stopped owning your previous home, the rule for the first time homebuyer credit is either you or your spouse have never owned a home, neither of you owned a home or if you have not owned a home in 36 mos. so if you let your home go before june 2006 you would qualify. But to make sure, check with an accountant at tax time and see if it works for you...

[mom2three09]

So, you're saying you were able to purchase a new home well before the 3 yr anniversary of your foreclosure?? That's awesome, but how did you do it? FHA? USDA?

[Jesbo]

Home buying

Our bk was final 1/30/2007 and we closed on a new house 7/10/2009. We had a credit score of 740 before the bk and our credit score was around 670 when we bought this house. We went FHA and only had to put down 3%. The sellers paid our closing costs.

We have been much smarter about our credit this time around. NO CREDIT CARDS!!!! And a simple mortgage that we can afford. We were qualified for a mortgage that was WAY over what we knew we could afford and opted to buy a house for much less.

[hereforinfo]

Regardless of the bankruptcy, you were still considered the owner of your prior residence until the deed changed from your name to the bank's when the foreclosure was final. The 3 year timeframe to qualify as 1st time homeowner starts at that point. Did you disclose the foreclosure on your application for the FHA loan? They also require 3 years from the foreclosure to get a new FHA loan, or did they make an exception for extenuating circumstances?

[Jesbo]

bankruptcy

We had a very unique situation. We filed on a convential loan that had been refinanced several years prior to bk. When we went to buy a new house this summer we disclosed our bk and foreclosure. However, the mortgage company for the foreclosure never filed the refinance with the credit agencies. All three were checked and all three had no mention of a foreclosure. So it appeared as if we never filed foreclosure on our previous house!

Thanks for clearing up the original question!