Wednesday, August 10, 2011

Does an FHA loan qualify for the first time home buyers tax credit. Please read below for special details...?

My wife and I are moving from PA to NC. I'll be a PhD student with a stipend and she works in health care. We're putting 20% down but we don't qualify for a conventional loan because she doesn't have a job yet. My (yearly) stipend doesn't count in the equation because any income needs to be guaranteed for at lest 3 years. We qualify for an FHA loan by saying that my wife will work in PA until she finds employment in NC and I live at the house in NC to attend school. Because she'd make more money the PA apartment would financially be considered our primary residence. Does this or does this not qualify for the 1st time home buyer tax credit? Please provide a source if you can or explain an answer. Not just yes or no please.

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