define first time home buyer

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Icon Mini Profile piccolobp1





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Post Posted: Mon Aug 11, 2008 8:12 pm    Post subject: define first time home buyer
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i have owned a home before.bought out by my (x) in a divorce settlement,(17-20 yrs.ago).purchased another,lost in forclosure(13-15 yrs.ago)
Icon Mini Profile adonis
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Post Posted: Mon Aug 11, 2008 9:22 pm    Post subject:
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Welcome Piccolobp,

Usually a first time buyer is a person who hasn't owned a home of his own in past 3 years. So, when did you last own a home?

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Icon Mini Profile Niicss
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Post Posted: Tue Aug 12, 2008 3:45 am    Post subject:
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Welcome Piccolobp,

I you own a home 13-15 years ago. So you will be considered as a First Time Buyer. Are you going for mortgage loans for first time buyer’s mortgage loan? You can go for FHA loan. You need only 3 percent down payment and this is not a score driven loan program.

Hope it helps. Let me know if you have any further queries.

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Icon Mini Profile gmakerley
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Post Posted: Wed Aug 13, 2008 8:14 am    Post subject:
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as noted, if you haven't owned in the past 3 years, you are considered a first-time homebuyer. in addition to the fha that niicss has mentioned, there are many states that offer bond programs allowing for less then 3% down with favorable interest rates (more favorable than standard conforming or fha).

investigate these with an internet search in your area.

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Bill Shutt

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Post Posted: Thu Feb 19, 2009 4:47 pm    Post subject: First Time Home Buyer question
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If I turn my house over to my ex-wife in a divorce setlement and do not make a profit and buy a house with some one else that I am not married to and she never owned a house does she qualify as a first time borrower?
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Icon Mini Profile adonis
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Post Posted: Thu Feb 19, 2009 11:00 pm    Post subject:
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Hi Bill,

If she buys the property in her name, then she may qualify as a first time home buyer. But if both of you jointly purchase the property, then she won't be getting the benefits of a first time home buyer.
chris32

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Post Posted: Tue Mar 17, 2009 5:22 am    Post subject: moble home
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is a moble home on land a home
Icon Mini Profile adonis
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Post Posted: Wed Mar 18, 2009 12:11 am    Post subject:
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Hey Chris,

Your question is not clear to me. Can you explain it in details?
someguyinNE

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Post Posted: Tue Apr 07, 2009 6:54 am    Post subject: first time homebuyer
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I bought a house in 2005 as a primary residence but after less than a year I began renting it out as my job required me to travel and stay with friends. I paid utilities on the house for the tenants but I also used that address to file my 2006 taxes. In my eyes, I havent had interest in an owner-occupied home in the past 3 years...but the IRS could potentially view it differently.

Am I eligible for 1st time homebuyer credit (I am buying a condo next month)?
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Post Posted: Tue Apr 07, 2009 8:23 am    Post subject:
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Hi Someguy, If you bought the house in 2005, I dont see a problem with you being a first time home buyer. As for you using the house in 06 to file ur taxes this might be a problem. Best thing to do it contact a real tax adviser.
Icon Mini Profile gmakerley
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Post Posted: Tue Apr 07, 2009 1:21 pm    Post subject:
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gary is right in advising you to speak with a tax advisor. you can also query the irs directly and anonymously.
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Post Posted: Fri Aug 14, 2009 6:59 pm    Post subject: First Time Home Buyer
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Hi, My husband and I had a home almost 20 years ago. Lost it in bankruptcy. We purchased another home in 2002, but he lost his job, and we had to relenquish it. I believe in 2006 It was to be sold at auction. But the bank took legal possession of the home in 2005. Would we qualify as first time home buyers? Confused We are ex-military and are qualified for a VA loan. The first home was VA but we re-financed it and the initial loan was paid off with VA, so his entire VA certificate is still good to use according to the VA.
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Post Posted: Fri Aug 14, 2009 7:44 pm    Post subject:
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Tammy if your and yoru husbands name was not thre on any property in the last three years then you will be considered as an first time home buyer

So in your case you have every good chance to be qualified as a first tiem home buyer
Icon Mini Profile Realgeni





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Post Posted: Fri Aug 14, 2009 7:46 pm    Post subject:
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These are the guidign rules for $8000/- tax credit.
Tammygirl

Based on the following guidelines you are qulified as a first tiem home buyer

- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
-For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse
- Cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse

Good luck and feel free to ask
piman

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Post Posted: Sat Jan 16, 2010 6:58 pm    Post subject: trailer
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I owned a trailer on land which I never claimed as a tax deduction sold it 3.2006 bought a house in 2.2009 do I qualify? Made no profit on the trailer?
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