Posted: Sun Feb 22, 2009 4:27 pm Post subject: Do I qualify as a First Time Homebuyer if my name is on deed
Do I qualify as a First Time Homebuyer if my name is on deed only and I Refinance this month?...if my name is listed on the deed but not on the mortgage would i qualify as a first time homebuyer for the $8,000 stimulus credit if i refinance this month and put both the mortgatge and the deed in just my name due to a divorce. I have never bought a home before this is the first one ever.
If your name is on the deed of a property, you will not be considered as a first time home buyer. Those people who did not own a property in the last three years are considered as first time home buyers. As you do not fulfill this criteria, you will not qualify for the $8,000 stimulus credit.
a first time home buyer tax credit has nothing whatsoever to do with anyone who currently owns a home and plans to refinance.
the word "buyer" ought to be enough to tell everyone what it means. _________________ George M. Akerley
Loan Consultant
860-221-5044
mysticjunon Guest
Posted: Sat Mar 14, 2009 1:32 pm Post subject: qualifications for the first time home buyers credit
I was married in 4th quarter of last year. my husband has never been a home owner. he wants to buy a home now in another state (where we now live) he will be the only name only name on the deed & mortgage, would he qualify?
Yes, your husband will be able to get a loan in his name provided he has a good credit score and income. In order to get conventional mortgage, the borrowers should have a credit score of 700-720 whereas in order to get FHA, VA or USDA loans, borrowers should have a credit score of at least 620.
Thanks
Guest
Posted: Mon Mar 16, 2009 6:35 am Post subject:
mystic, if your husband is the sole owner of the new property you plan to purchase, then he would certainly qualify as a first-time homebuyer based on what you've described.
Home purchased 10 years ago, loan in spouses name but a quick deed was done and my name was put on the deed, however I have never had a home loan. I am purchasing a home for myself now and my spouse will not be living with me. I have never had a home loan before, will I qualify for the 8,000 stimulus credit or will I qualify for anything pertaining to first time homebuyers?
I guess your name is still on the property deed. In that case you won't be able to qualify for the first time homebuyer's tax credit. First time home buyer is a person who hasn't owned a property within the last 3 years.
JKBlair Guest
Posted: Mon Apr 20, 2009 10:13 am Post subject: Home bought in 08, but 1st occupied in 09 cause of repairs
If a 1st time homebuyer bought a run down house in late 08, but, couldn't occupy it until Feb. 09 because it needed massive renovations would
they qualify for the $8,000 credit rather than the $7,500 credit.
liz Guest
Posted: Sun Apr 26, 2009 2:50 pm Post subject: tax credit
parents buying new house, with me on the deed, not mortgage. would i qualify for 1/2 of the credit
To qualify for the tax credit, the house must have been purchased by on or after Jan 1, 2009 and before Dec 1, 2009. The purchase date is considered as the date when closing took place and the title was transferred to you. So if the title was transferred to you in the late 2008, you do not qualify for the tax credit.
Hi liz,
If you are on the title you are a co-owner of the property. Now if you have not owned a principal residence for the past 3 years, you qualify for the home buyer tax credit. You can also claim a partial tax credit of a certain amount. You need to consult your tax advisor to know how much of partial tax credit you can claim.
liz, you definitely need to speak with a tax advisor or the irs directly. i disgaree with jenkin. i don't believe you are entitled to any portion of the tax credit. _________________ George M. Akerley
Loan Consultant
860-221-5044
cmz1968 Guest
Posted: Fri Jun 12, 2009 7:14 pm Post subject: Home buyers credti
I bought a mobile home 8 years ago, it is in a park in a rented space. I am buying acreage and will be putting in the septic, water, etc and moving the house on to it, taking out a mortgage to buy the property and put the house there. Does this qualify for the credit?
princess Guest
Posted: Wed Jul 08, 2009 1:30 pm Post subject: 2009 first time home buyer tax credit
I am a first time home buyer. However, i did not qualify for the loan. My parents are on the loan and i a listed on the deed only. Will qualify for $8000 tax credit?
Ok, my wife and I owned a house that we sold almost 5 years ago. We have been living with her parents to help them out for the past 5 years with nothing in our name. Now her name is on the Deed of the house but not the mortgage or anything else. If we buy a house would she qualify for it ? If not her would I ? I have not been on any deed or owned any property. Thank you for your help
bbakertrucks
