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Do i qualify for 1st time home buyer if my last house purchase was over 9 years ago?

Garysnober · Joined: 17 Mar 2009 Posts: 450 15.29 Dollars($)

Hi maricar, Yes you would be considered a 1st time home buyer again.

SSPINGARN · Posted: Tue Jun 02, 2009 6:25 am Post subject:

yes FHA is the way to go

gmakerley · Posted: Tue Jun 02, 2009 8:53 am Post subject:

but of course, that depends on credit score, down payment amount, etc., scott. if our poster has at least 20% down and a good score, a conventional loan would seem to make more sense than fha.

SSPINGARN · Posted: Tue Jun 02, 2009 9:04 am Post subject:

i agree with you George but from the way it sounds they are looking to put 3% down which would imply an FHA loan

gmakerley · Posted: Tue Jun 02, 2009 9:12 am Post subject:

i didn't see any reference to down payment at all, scott. did i miss something?

gmakerley · Posted: Tue Jun 02, 2009 9:42 am Post subject:

i reiterate - merely being online isn't sufficient to qualify someone to help out.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Maricar

Welcome to the forum.

I hate to do this, but you do not qualify for firts time home buyers credit if you still have your property which you bought 9 years ago.

The requirments clearly states that

"The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer"

Good luck and feel free to ask.

gmakerley · Posted: Tue Jun 02, 2009 1:51 pm Post subject:

good catch

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Maricar

Just a suggestion, do not make your purchase decision just because the goverment is goign to give you a tax credit. It is expected to expire on Novemebr 1st of this year, so you have few more months before you can take advantage of it.

Even thoguh things are lookign better on the outside, one mroe big bubble is expected burst soon with Alt-A loans.

Good luck and feel free to ask,

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