Primary home purchased for cash in January, source of funds is from sale of previous primary residence, and both sale and purchase are documented with HUD1s. Application taken in Feb., representing a loan amount of $400k and an LTV that < 60% of sales price. You're probably well aware already, but just a reminder that to be for this loan to be treated as acquisition debt for income tax purposes you have time limit hoops to jump through. The most straightforward is to close on the loan within 90 days of closing on the purchase.Details are in IRS Publication 936.PhilRule Your Retirement Home Fool
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Ma