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It's a 10% refundable tax credit up to $8,000 which you get back on the next tax cycle. It only applies to your primary resident and only if you haven't purchased a home within the past 3 years. Boats do count.
Vertigo, where did you hear you could use your VA Loan for a boat? Have you verified this because everything I have read says just the opposite. God wouldn't that be great though.
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