first time home buyer – owner loan

May 14, 2012

Q&A: First time home owner. Can I claim my taxes from my house when I file incometax?If so,what do I need to bring?

Filed under: First Time Home Owner — Tags: , , , , , , , , , , , , — admin @ 6:08 pm
first time home owner
by National Library of Scotland


Question by Ed D: First time home owner. Can I claim my taxes from my house when I file incometax?If so,what do I need to bring?


Best answer:

Answer by TK
The real estate taxes you have paid are deductible as are the origination fees you paid, if any, when you obtained your purchase money mortgage.This would be a good clock for you to see a tax accountant and get your income taxes prepared properly. You may also qualify for a first time home buyer’s tax credit, so it’s worth your while to do your taxes correctly.Good luck.



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May 11, 2012

If I want to be a first time home owner, can I get financing on unemployment or grants?

Filed under: First Time Home Owner — Tags: , , , , , , , — admin @ 6:13 pm
first time home owner
by National Library of Scotland


Question by : If I want to be a first time home owner, tin I get financing on unemployment or grants?
I am extremely tired of the run around with trying to find out if I qualify for grant money to buy a house. I am female, which according to “Do you qualify for a grant”? questions, I am a minority. Would be a first time home owner and want information, but find it difficult to actually get unless I go through one of the Web sites that charge not only an one time fee, but monthly. Which I can’t afford right now. I’m not asking for someone to do the work for me, I just want to know who to contact that can actually answer questions to get me where I want to be, “IN A HOUSE”. I already pay rent to HUD, so why can’t I get up front answers to my questions to be able to move forward.

Best answer:

Answer by Caveat Emptor
There is no grant money unless some local government or charitable program exists. But neither “grant money” nor unemployment will qualify you for a loan, because they are not permanent income.Those “free grant” websites are SCAMS.



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Q&A: If I want to be a first time home owner, can I get financing on unemployment or grants?

Filed under: First Time Home Owner — Tags: , , , , , , , — admin @ 6:13 pm

Question by : If I want to be a first time home owner, can I get financing on unemployment or grants?
I am extremely tired of the run around with trying to find out if I qualify for grant money to buy a house. I am female, which according to “Do you qualify for a grant”? questions, I am a minority. Would be a first time home owner and want information, but find it difficult to actually get unless I go through one of the Web sites that charge not only a one time fee, but monthly. Which I can’t afford right now. I’m not asking for someone to do the work for me, I just want to know who to contact that can actually answer questions to get me where I want to be, “IN A HOUSE”. I already pay rent to HUD, so why can’t I get up front answers to my questions to be able to move forward.

Best answer:

Answer by Caveat Emptor
There is no grant money unless some local government or charitable program exists. But neither “grant money” nor unemployment will qualify you for a loan, because they are not permanent income.

Those “free grant” websites are SCAMS.

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May 8, 2012

Q&A: First time home owner tax info?

Filed under: First Time Home Owner — Tags: , , , , — admin @ 6:23 pm


Question by orion901: First time home owner tax info?
hello, i just bought my first home in july and i am cluless about how to go about my taxes this year. I have always just files a 1040ez after i recieved my w-2′s. Will i need any additional forms pertaining to my home purchase in 2008 before i consult a tax preparer? Also are there any tax credits I might be eligible for as a first time home buyer? I have a FHA loan if that makes any difference. Thank you

Best answer:

Answer by Christopher T
There is a new form this year for the $ 7500 first time home buyers tax credit and it is a new credit on the 1040. Just let your tax preparer no the address of your new home (if different from your filing address) and you are golden.You will be able to itemize deductions and claim any mortgage interest paid this year, real estate taxes, and mortgage insurance premium paid upfront for your FHA loan.



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May 5, 2012

Q&A: Do I have to give back my first time home owner tax credit?

Filed under: First Time Home Owner — Tags: , , , , , , — admin @ 6:14 pm


Question by : Do I have to give back my first time home owner tax credit?
I bought a new house last October and it is my primary residence now. I can claim the first time home owner tax credit on it. But this June I am moving to Dubai permanently (no intention to come back again) and I would lease out this primary residence since I cannot sell it at the moment (market down). In that case, do I need to give back my first time home owner tax credit since my primary residence would become an investment?Would it be better if I don’t claim the tax credit in the first place? Any help would be appreciated. Thank you!

Best answer:

Answer by neoplop
The first-time homebuyers’ credit is yours to keep. It can only be used once.http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html



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May 2, 2012

If I own a non-homestead property, can my husband still qualify for the first time home owner tax credit?

Filed under: First Time Home Owner — Tags: , , , , , , , , , — admin @ 6:43 pm


Question by down4uboo: If I own a non-homestead property, can my husband still qualify for the first time home owner tax credit?


Best answer:

Answer by Kelly
Is this a question about Australia’s First Home Owner’s grant? It seems your question does not belong in the Australia section as the FHOG is a government payment that can be used to assist in the purchase of a first home, rather than being a tax credit.



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