Posted on: 22nd Feb, 2009 03:27 pm
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.
I live in TN and was married, when my ex-husband purchased a home in 2005, living in TN I had to be listed on the deed (name was not on mortgage). We separated and were divorced in 01/08, the house went into foreclosure 07/07. Can I not be considered a first-time homebuyer at this time, and when would I be considered a first time homebuyer
Hi Guest!
Welcome to forums!
If you did not own any property as your primary residence in the last 3 years, then you would be considered as a first time home buyer.
Sussane
Welcome to forums!
If you did not own any property as your primary residence in the last 3 years, then you would be considered as a first time home buyer.
Sussane
I currently own a home of which I purchased before me and my wife were together, so she is not on the loan/deed, and she has never purchased a home of her own.
My question is, even though we are married, would she be able to qualify as a fist time home buyer, without my 'history' (ie. currently owning a home) being looked at by the lender?
My question is, even though we are married, would she be able to qualify as a fist time home buyer, without my 'history' (ie. currently owning a home) being looked at by the lender?
Yes, Galan, as a general rule, you'll find that lenders will consider her a first-time homebuyer. Keep in mind that you'll not be able to be an owner with her if you two decide to make a purchase. That won't keep you from being a cosigner on the note, though, if you wish to do that.
Thanks gakerly!
I believe her credit score + her monthly gross income would be sufficient to qualify for a loan, but if for some reason they weren't, and I were to cosign with her, would the fact that I currently own a home hinder us more than help us?
I believe her credit score + her monthly gross income would be sufficient to qualify for a loan, but if for some reason they weren't, and I were to cosign with her, would the fact that I currently own a home hinder us more than help us?
It ought to help, because you won't be an owner but merely a borrower. Being a borrower ought to enhance any application the two of you submit.
Thanks, I appreciate your help.
I was under contract in April 2010 and closed in June of 2010. I am married and bought the house on my own (my wife's credit was bad and she could not be on the mortgage). So, since the house is completely in my name, do I qualify for the whole $8000? Or because I am married filing seperate do I only get $4000, even though she is nowhere on the mortgage?
Also....a friend of mine bought his ste-brother's house (my friend's father was co-signer on the loan). Can he still get the $8000?
Hi Steve,
As far as I can understand, you will be able to claim the $8000 as a whole. It is your principal residence and you'll get the whole of tax credit.
As per my knowledge is concerned, your friend will not be able to claim the tax credit as he has purchased a property from someone who is a family member.
Thanks
As far as I can understand, you will be able to claim the $8000 as a whole. It is your principal residence and you'll get the whole of tax credit.
As per my knowledge is concerned, your friend will not be able to claim the tax credit as he has purchased a property from someone who is a family member.
Thanks
The only proble I see is that on the IRS form 5405, line 3 says; "A first-time homebuyer, enter $8,000 ($4,000 if married filing separately)" and I file as "married filing seperate" Do I file as single to avoid this? And if I did file as single, wouldn't that open me up to all sorts of problems with the IRS due to the fact that I am married?
I figured as much for my friend...I even told him so. But, he wanted me to ask.
I figured as much for my friend...I even told him so. But, he wanted me to ask.
Hi steve,
It is true and if you're married and filing separately, you'll get $4,000 tax credit. I don't think it will be a good option to file as a single when you're already married.
It is true and if you're married and filing separately, you'll get $4,000 tax credit. I don't think it will be a good option to file as a single when you're already married.
we owned a home thats is now in the middle of a short sale, my name was nowhere on the loan or deed, all her, do I qualify as a first timer (with a decent credit score)
Married, and filing our taxes together.
I left my last post incomplete..........sorry people
I left my last post incomplete..........sorry people
Hi crane,
If your name is not mentioned on the property deed, you won't be considered as a property owner. Thus, if you apply for a mortgage to buy a property, you will be considered as a first time home buyer.
Thanks
If your name is not mentioned on the property deed, you won't be considered as a property owner. Thus, if you apply for a mortgage to buy a property, you will be considered as a first time home buyer.
Thanks
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