1st time homebuyer tax credit on home refinance

i'm not here to give pretty answers to questions that sometimes should never have seen the light of day. it's elementary, and i would have expected that everyone would know that a first time home buyer would be someone who isn't a current home owner. i guess i rubbed you the wrong way, bree. that's certainly not my intention either, but sometimes when we try to educate others, the answers given are not what those others were hoping for, and that disappointment is like a smack in the face.

nice of you to attack me without knowing the first thing about me.

I do not think there is a single person here whose professional services I would use based on the quality of the discussion. Who in their right mind would label themselves a community MENTOR and then provide such a careless and unkind response to someone asking a question? Just...wow. I even work in financial services and I'm disgusted.

and i didn't label myself in any way, shape or form.

now, tj, please help me to understand. you would prefer that i lob softballs instead of being frank? you'd rather that we treat those who are blatantly incorrect in their assumptions and assertions as if they were speaking the will of God?

sorry, but i can't subscribe to the theory that we have to be delicate to those who need correction. sometimes tough love is the answer. in this particular case, someone who already owns a home cannot be a first time homebuyer - that's pretty simple to understand, i'd think. however, we continue to see posts insisting that these homeowners have the right to take advantage of a program that is clearly meant for only a select group. i'm merely pointing out the truth, and if i rub someone the wrong way, that's certainly not my intention; i can't help but be frank in what i say.

believe me, i'm not careless in my responses.

Wouldnt Sandi qualify for the new $6500 tax credit for people who have lived in home for 5 years or more?

bmx, the $6500 credit is for someone who currently owns a home and has been in it for at least 5 of the last 8 years who is now buying a different primary residence. what sandi spoke about is a refinance transaction. that's not a purchase of a new primary residence, which is what the new allowance is all about.

so...the answer remains no, as she continues to own the same property as she did and apparently has no plans to move to a newly-purchased residence this year, unless she changes her mind quickly.

I hate everyone who gets a free $8000 for buying their house 7 months after I did.

Jokes. But seriously... not only did I buy a house right BEFORE everyone's house went down in value, but I also don't get a free $8000. The people who bought a house that qualifies probably got it for cheaper to begin with, on top of the extra $8000 they're getting.

I was already well aware that life isn't fair, though. I just felt like venting. :)

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that's okay, mark; venting is good for your mind usually, and you weren't rude, so i can't imagine that anyone will be offended.

I think the tax credit should also cover the 1st time buyers who were taken advantage of by lenders that made it sound so easy to purchase homes that they really could not afford to begin with. Yea, I'm one of the ones that lerned a hard lesson. I was ignorant and trusted the wronge people to "help me" make the right decisions. Had I known then what I know now I would have kept my apt. And it should also apply to those who had to refi lst year. That's just like buying your home for the 1st time except you have already thrown aways thousands for the payments made.

i feel what you're saying lala, but don't count on there being a move to "grandfather" people who bought prior to 2008. in light of $1.3 trillion current federal budget deficit, i can't imagine much of anything is going to be grandfathered anytime soon, either.

A "refi" with a cosigner doesn't qualify, but it is a legit question and he is quite the jerk for trying make you feel dumb for even asking. There are a lot of questions that a loan consultant, or even better an accountant, could easily answer. Yet, for those of you outside of the industry and who don't want to have to deal with an attitude like this guy. Visit the IRS website or Google "IRS article id 206294" and ask a tax professional (CPA, not H&R employees).

Akerley, you have a seriously jerky tone in all of your responses. I think that the original post is a legitimate question. I am in the same boat. My new wife has owned her home for 5 years and now we are refinancing and adding me to the title. So technically I am a first time homeowner. I guess there's nothing for people in this situation. Oh well.

sometimes people cannot handle truth. i don't apologize for being honest. dmac, you are a first time homeowner - that is definitely true. however, the program that is in place is for first time home buyers. therefore, since you are not actually buying a home, you don't qualify. i'm sorry if that truth hits you hard, but i didn't make up the rules - the program has been in place for a few years now, and that's how they drew it up.

if my saying this is "jerky" i suppose that's just the way it is. it's the truth with no frills, no add-ons, no pretense.

All of you out there questioning wether you are a first time home buyer should read the IRS.org, Gov.org and etc. for qaulifying information.

Don't get stirred in the wrong direction, or take someone else own understanding of something that you need to know for sure.

Please, do your research.

guest, the proper citation for the irs website is "irs.gov" - not .org or any other permutation. i agree with you that people are wise to verify anything they are told with the original source. the irs also suggests that questions can be asked of a tax advisor who would be able to provide a firm answer.

My Fiancee' didn't qualify to be on our mortgage loan back in August 2009 when we purchased it. We're in the middle of refi right now and he qualifies and by all standards is a "first time home buyer" since he's not owned a home in over 3 years (and I did) so I didn't get a credit either for the purchase. I guess there's hard and fast rule for refi and adding a "first time home buyer" to the mortgage.