Posted on: 16th Apr, 2009 09:16 am
My wife is on a deed, and a fha loan. I have never been on a deed or loan for a house of any sort. Would I(we) qualify for first time home buyer if we did everything in my name?? Does it matter what state you live in as far as being married to someone that already has a fha loan? If so we live in TN.
yes, guest, you would qualify as a first-time homebuyer, and the location wouldn't make any difference.
Yes thats correct you should qualify for the first time buyer with no problem. And the state and location should have no affect.
Hi
You should qualify as a first time home buyer. In order to be considered as a first time home owner, you mustn't have owned a home for the past 3 years prior to the purchase of the new home. As the deed to the current house is in your wife's name, you haven't legally owned a house in these 3 years. So, you can definitely buy a home in your name, as first time buyer.
You should qualify as a first time home buyer. In order to be considered as a first time home owner, you mustn't have owned a home for the past 3 years prior to the purchase of the new home. As the deed to the current house is in your wife's name, you haven't legally owned a house in these 3 years. So, you can definitely buy a home in your name, as first time buyer.
I am in the same situation with 'guest' but what happen if we're going to be both on the Deed?
Should I still qualify for the 1st time home buyer or not?
Should I still qualify for the 1st time home buyer or not?
bmloveyou, you would not qualify under those conditions. your spouse's prior ownership disqualifies you.
That's what I am concerning about.
My situation is: my wife been on the her parent house's deed since 2000 (when she was single). She has not been involved to her parents home's loan.
We're married 3 years ago. And, still living on her parents house. Now, I am working with the local lender bank for pre-approval, ect.... to buy me a house with my name only on the loan and the deed gonna be.
If everything going to be smooth, Should am I eligible to get 8,000 ?
My situation is: my wife been on the her parent house's deed since 2000 (when she was single). She has not been involved to her parents home's loan.
We're married 3 years ago. And, still living on her parents house. Now, I am working with the local lender bank for pre-approval, ect.... to buy me a house with my name only on the loan and the deed gonna be.
If everything going to be smooth, Should am I eligible to get 8,000 ?
Yes thaop00 you should be ok for $8000/- credi as logn as you are the one who will be on the loan.
Check this out:
Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
What is the definition of a first-time home buyer?
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.
http://www.federalhousingtaxcredit.com/2009/faq.php
Check this out:
Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
What is the definition of a first-time home buyer?
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.
http://www.federalhousingtaxcredit.com/2009/faq.php