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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)

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Mon, 08/11/2008 - 21:22 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Tue, 08/12/2008 - 03:45 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Wed, 08/13/2008 - 08:14 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

is a moble home on land a home

Like | Dislike | Share | Posted: Tue, 03/17/2009 - 05:22 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?
Thanks

Like | Dislike | Share | Posted: Thu, 02/19/2009 - 15:47 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Thu, 02/19/2009 - 22:00 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hey Chris,

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

Like | Dislike | Share | Posted: Wed, 03/18/2009 - 00:11 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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)?

Like | Dislike | Share | Posted: Tue, 04/07/2009 - 06:54 | Post subject:

Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Tue, 04/07/2009 - 08:23 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

gary is right in advising you to speak with a tax advisor. you can also query the irs directly and anonymously.

Like | Dislike | Share | Posted: Tue, 04/07/2009 - 13:21 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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? :? 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.

Like | Dislike | Share | Posted: Fri, 08/14/2009 - 18:59 | Post subject:

sunnyca2009's picture
sunnyca2009 | Joined: August 4, 2009 07:15 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 08/14/2009 - 19:44 | Post subject:

Realgeni's picture
Realgeni | Joined: April 13, 2009 08:03 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 08/14/2009 - 19:46 | Post subject:

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