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Old 05-23-2011, 03:32 PM   #1
Taxes2010
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Exclamation FHA loan...renting my primary home

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Me and my wife lived in FHA home for more than a year and we have an FHA loan plus we got 8k first time home buyer deduction. I was wondering what's the law if we have to move out and rent our VA home. Do we have to stay there for some time before we can plan to move out? Thanks
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Old 06-07-2011, 02:46 AM   #2
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“ I was wondering what's the law if we have to move out and rent our VA home.”----> For your home purchased in 2009, the first time home buyer credit does not have to be paid back UNLESS the home ceases to be your main residence within a three-year period following the purchase. The obligation to repay the credit arises only if your home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.
“Do we have to stay there for some time before we can plan to move out?”-->For at least 3 years as said above.
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