Purchasing 2nd Home

will depend on

1. your debt to income ratio
2. assets
3. credit score

we are already in contract and locked into a rate expecting to close in the next couple of weeks.
not sure why that would be a factor at this point ? Pls Explain. Thx.

hi are you speaking about tax credit or credit score?

thanks

tax credit

Hi jenral,

You should not own any primary home for the last 3 years if you want to qualify for the first time homebuyer's tax credit. As you've a property in your name, you'll not be able to qualify for the tax credit.

Thanks

Yes I realize I would not qualify for 1st Time, I am Inquirring about 2nd Time home buyers Credit. We are keeping old House that we've owned and occupied for over 10 yrs and moving into a New Primary residence?
I will start over and ask my Question again - in order to qualify for the 2nd home credit, will i need to sell my first home?
Thx.

Hi jenral,

As per the law, the repeat homebuyer's tax credit will be available for a person who has owned and resided in the same home for at least 5 consecutive years of the last eight years prior to the purchase date.

Thanks