Posted on: 27th Mar, 2009 09:35 pm
Welcome geethal,
The tax credit is not available to people who purchase the property from a relative. So in your situation, I don't think you'll be eligible for the tax credit though you may qualify as a first time home buyer.
The tax credit is not available to people who purchase the property from a relative. So in your situation, I don't think you'll be eligible for the tax credit though you may qualify as a first time home buyer.
let's see...if i cheat the government, can i go back and cheat them again? will i get caught? and if i get caught, can i pretend i didn't know any better?
boy, this is a day for some serious postings.
boy, this is a day for some serious postings.
George
Not sure which is worse.....
1. Trying to get a credit for something you do not deserve
2. Intentionally missing payments (even though you are not in financial trouble) so that your bank will modify your loan.
3. Walking away from your home (even though you CAN make the payments) just because the value is less than the loan amount right now.
Take your pick.
Not sure which is worse.....
1. Trying to get a credit for something you do not deserve
2. Intentionally missing payments (even though you are not in financial trouble) so that your bank will modify your loan.
3. Walking away from your home (even though you CAN make the payments) just because the value is less than the loan amount right now.
Take your pick.
that's a pretty equal grouping there, eric. the last one is something i cannot fathom. although...i have to say that number 2 seems to be someting that has happened due to the inability of lenders to adequately address the needs of borrowers in a timely manner. the desperation that we see in postings on these forums is horrendous, and it seems that most of that desperation springs from the difficulty folk have in contacting their lenders to even begin discussions.
i guess i'll go with number 1 for the time being.
i guess i'll go with number 1 for the time being.
hey guys, i co signed a home with my sister last year so I cant get the credit
on the house me and my husband are about to buy. But since interest rate
are so low my mom wants us to refinance the house we bought last year.
If my brother( first time home buyer) co-signs with my sister, would my brother will be eligible for credit?
on the house me and my husband are about to buy. But since interest rate
are so low my mom wants us to refinance the house we bought last year.
If my brother( first time home buyer) co-signs with my sister, would my brother will be eligible for credit?
I believe this was answered on your OTHER post.
If I re-financed my home does the $6500 credit apply to me?
i am really befuddled as to why folk don't get this FIRST-TIME homeBUYER credit thing.
if you own a home and you have refinanced, what would make you wonder about your eligibility to get a tax credit intended for first time buyers? and how in the world does a refinance transaction get misconstrued as a purchase transaction?
if you own a home and you have refinanced, what would make you wonder about your eligibility to get a tax credit intended for first time buyers? and how in the world does a refinance transaction get misconstrued as a purchase transaction?
If I refinance and then buy out my ex spouse within the time limits, will I qualify for the 6500$ tax credit?
Hi joyce,
Refinance is not considered as a purchase transaction. In your situation, you will not be able to qualify as a first time buyer. You will have to purchase the property in order to get the first time buyer tax credit. Buying out the portion owned by your ex-spouse will not be considered as a purchase. Even if you want to qualify for $6500 tax credit as an existing owner of a property, you need to make a new purchase.
Refinance is not considered as a purchase transaction. In your situation, you will not be able to qualify as a first time buyer. You will have to purchase the property in order to get the first time buyer tax credit. Buying out the portion owned by your ex-spouse will not be considered as a purchase. Even if you want to qualify for $6500 tax credit as an existing owner of a property, you need to make a new purchase.
a sane and sound response; thanks jenkin7.
joyce sanders, you can not get the credit but your ex-wife may be able to if she can buy another house. Even though she has owned a home in the past 3 years and would not normally be eligible for the $8,000 tax credit, the displacement due to divorce allows her to be eligible.
