First-Time Homebuyer Credit and MRBs
The details on the new credit read that you cannot take the credit if:
- Your home financing comes from tax-exempt mortgage revenue bonds.
I took a FHA loan for 95% of the cost and a second "bond" to cover basically the rest. The closing documents show the second mortgage to be a "multistate fixed rate note – single family-fannie mae/freddie mac"
Are either of those loans considered tax-exempt MRB's or am I good to pursue the credit?
Thanks a lot.