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jramirezz · Joined: 26 Jan 2010 Posts: 1 1.40 Dollars($)

i have been renting a house for 5 years, 2 years into the rental the homeowner lost her job, the rental payment i was making was not enough to cover the whole motgage payment, so she used to pay part of the payment, as a result of loosing her employment she was going to sell her house, and i offered to pay the balance of the payment only if i was able to write off interest on my taxes, to get my money back and to avoid paying more taxes, unfortunately now her payments have gone up higher, and i cant make up the difference anymore, so she is loosing the home now, she offered the home to me to purchase it, so my question is will i qualify for a fha loan, even after writing off taxes on interest and i was not on title

Niicss · Posted: Wed Jan 27, 2010 3:09 am Post subject:

If you are on the title of the property now, you will be able to get a FHA loan provided if you fulfill the other criteria. However, it is quite surprising to me that you claimed deductions on taxes in regards to mortgage interest payments though your name was not on the mortgage docs.

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so you are saying that if im on the title or if im not on title i will qualify, i just want to make sure, im not on tile now, and yes my tax gut said i would be able to claim on my taxes if i can show proof that was making the whole payments, now im double guessing on wether he was right or not.

gmakerley · Posted: Wed Jan 27, 2010 9:21 am Post subject:

your "tax gut" is, i assume, actually a tax "guy." based on the advice he gave you, i also have to assume that he's not really qualified to answer tax questions. i think if you were to speak with the irs, you'd learn that what you did is not legal. will you get caught? who knows?

as for qualifying for fha loans, whatever lender you apply with is going to question your tax returns, and they'll want to know the circumstances that relate to the house on which you claimed interest paid and taxes paid on your return. in fact, you may find lenders not particularly interested in financing a home for someone whose tax returns can be brought into serious question. that wouldn't surprise me in the least if that happened.

you'd better go back to your tax guy and get further information. make sure you can find him when you need him, because if the irs comes after your tail, you'll want to have him share in their largess.

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will i qualify for fha loan if i wrote off taxes i was renting