Does being a cosigner disqualify you from being a first time home buyer?
som3on3_10 asked:
So my wife and I are in search for our first home. We were thinking of taking advantage of those first time home buyer loans that allow you to put less than 20% down. However, my wife is currently a cosigner on her parent’s house with her sister. Does that disqualify her from being a “first time home buyer?”
Shirley
So my wife and I are in search for our first home. We were thinking of taking advantage of those first time home buyer loans that allow you to put less than 20% down. However, my wife is currently a cosigner on her parent’s house with her sister. Does that disqualify her from being a “first time home buyer?”
Shirley
There are Certain Facts You Should be Aware of as a First-Time Home Buyer
marco asked:
As a first-time home buyer, you are going to be setting out into a real estate market that is oftentimes full of complexities, legal wrangling, negotiations and more. You first need to determine whether you can afford to buy a home. You should already have an idea of home much you can pay monthly for a mortgage loan. If you do not, then sit down how much you are bringing home each month and how much is going toward your current financial obligations.
The figure is an important fact to be aware of because most lenders will reduce the amount of money you can borrow for a mortgage loan. Lenders become quite wary if your mortgage payments, property taxes, homeowners insurance and other debts payments exceed 36% of your total income. Depending on how much house you want to get into, you would have to pay down your debt so that your payment obligations do not eat up a high percentage of your monthly earnings.
You should also be aware that a competent, professional and ethical real estate agent can save you both money and time in your real estate transaction. You should not venture into the real estate market without a good real estate agent protecting your interests.
If you are wondering whether you would be better off in a new or older house, you should look at new and old homes and determine their characteristics. An older home will generally have a lower property tax rate, it may offer a more established neighborhood and neighbors who really care about where they live and taking care of it. An older home will usually require repairs, so you should be the type who enjoys working your home or be prepared to pay people to do the repairs.
On the other hand, homes that are newer have modern systems and architecture, easier maintenance and upkeep and they are perhaps even more energy efficient. If you do not want to worry about repairs, upkeep and maintenance right when you move in, then you should consider a new home. It makes no difference whether you decide to buy a new or older home, make sure you have it inspected by a professional home inspector.
Potential issues that can arise and that you should be aware of are maintenance and systems problems in older homes. You have to know what needs to be replace or repaired and what requires regular maintenance such as the roof, paint, appliances, the rug, etc. You should get clear and definitive information regarding these issues, so ask questions until you are satisfied that you understand any and all issues.
You might end up looking at many homes, so it may not be a bad idea to take photographs of the homes you have seen. People who are searching for a home generally see an average of 15 homes before making a decision. Therefore, write down the things you liked and did not like about each home you visited. If you are unsure about anything, go back and take another look at the home so things can be clear in your mind. Talk to your real estate agent about everything you want and need so that you do not end up wasting your time looking at a bunch of homes that are not right for you.
Jamie
As a first-time home buyer, you are going to be setting out into a real estate market that is oftentimes full of complexities, legal wrangling, negotiations and more. You first need to determine whether you can afford to buy a home. You should already have an idea of home much you can pay monthly for a mortgage loan. If you do not, then sit down how much you are bringing home each month and how much is going toward your current financial obligations.
The figure is an important fact to be aware of because most lenders will reduce the amount of money you can borrow for a mortgage loan. Lenders become quite wary if your mortgage payments, property taxes, homeowners insurance and other debts payments exceed 36% of your total income. Depending on how much house you want to get into, you would have to pay down your debt so that your payment obligations do not eat up a high percentage of your monthly earnings.
You should also be aware that a competent, professional and ethical real estate agent can save you both money and time in your real estate transaction. You should not venture into the real estate market without a good real estate agent protecting your interests.
If you are wondering whether you would be better off in a new or older house, you should look at new and old homes and determine their characteristics. An older home will generally have a lower property tax rate, it may offer a more established neighborhood and neighbors who really care about where they live and taking care of it. An older home will usually require repairs, so you should be the type who enjoys working your home or be prepared to pay people to do the repairs.
On the other hand, homes that are newer have modern systems and architecture, easier maintenance and upkeep and they are perhaps even more energy efficient. If you do not want to worry about repairs, upkeep and maintenance right when you move in, then you should consider a new home. It makes no difference whether you decide to buy a new or older home, make sure you have it inspected by a professional home inspector.
Potential issues that can arise and that you should be aware of are maintenance and systems problems in older homes. You have to know what needs to be replace or repaired and what requires regular maintenance such as the roof, paint, appliances, the rug, etc. You should get clear and definitive information regarding these issues, so ask questions until you are satisfied that you understand any and all issues.
You might end up looking at many homes, so it may not be a bad idea to take photographs of the homes you have seen. People who are searching for a home generally see an average of 15 homes before making a decision. Therefore, write down the things you liked and did not like about each home you visited. If you are unsure about anything, go back and take another look at the home so things can be clear in your mind. Talk to your real estate agent about everything you want and need so that you do not end up wasting your time looking at a bunch of homes that are not right for you.
Jamie
Low Income Housing Grants for First-time Home Buyers in the Down River Area
Mark Goedert asked:
The new bill passed by Senate earlier in the year allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury Grants. These grants would be used to finance the construction, or purchase and rehab of low-income housing, including those with or without tax credit allocations.
The low housing grants will include funding for the following causes:
Pontiac Housing Capital Fund for rehabilitating and retrofitting public housing units, making critical safety repairs and increasing their energy efficiency Community Development Block Grant Program for funding the Neighborhood Stabilization Program Home Investment Partnerships Programs to provide funds to state housing credit agencies for capital investments in low-income housing tax credit projects Assisted Housing Stability and Energy and Green Retrofit investments to provide funds to property owners for rental assistance and grants or loans for energy and green retrofit investments Funds to local governments and non-profit organizations for removal of lead-based paint hazards in low-income housing.
Real estate professionals should be familiar with the many grants and programs that are in effect to help first-time home buyers. Real estate agents and developers can benefit from many of these programs as well by helping their clients utilize these funds.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been an active professional in the real estate industry for over 50 years, serving realtors and home buyers in South East Michigan and the Down River area. Mark encourages you to check out his website at http://www.under100000realestate.com/ for local neighborhood and school details, mortgage information, interactive maps, investment property listings, home listings and many more resources.
Lloyd
The new bill passed by Senate earlier in the year allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury Grants. These grants would be used to finance the construction, or purchase and rehab of low-income housing, including those with or without tax credit allocations.
The low housing grants will include funding for the following causes:
Pontiac Housing Capital Fund for rehabilitating and retrofitting public housing units, making critical safety repairs and increasing their energy efficiency Community Development Block Grant Program for funding the Neighborhood Stabilization Program Home Investment Partnerships Programs to provide funds to state housing credit agencies for capital investments in low-income housing tax credit projects Assisted Housing Stability and Energy and Green Retrofit investments to provide funds to property owners for rental assistance and grants or loans for energy and green retrofit investments Funds to local governments and non-profit organizations for removal of lead-based paint hazards in low-income housing.
Real estate professionals should be familiar with the many grants and programs that are in effect to help first-time home buyers. Real estate agents and developers can benefit from many of these programs as well by helping their clients utilize these funds.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been an active professional in the real estate industry for over 50 years, serving realtors and home buyers in South East Michigan and the Down River area. Mark encourages you to check out his website at http://www.under100000realestate.com/ for local neighborhood and school details, mortgage information, interactive maps, investment property listings, home listings and many more resources.
Lloyd
Am I no longer considered a first time home buyer? Can I ever be considered a first time home buyer?
Guess Who? asked:
My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?
Rebecca
My father lost his job and my mother’s income wasn’t enough to get the house re-financed so I was added to the house (for income purposes) to try and lower the onthly payment. They have since then sold the house however of course all good credit info about the house was reported on my credit report. So now that I wanna purchase my own home… I can’t be considered a first time home buyer, can I? I don’t qualify for a 1st time home buyer loans anymore do I?
Rebecca
President Obama’s First Time Home Buyer Stimulus – Making New Homes Affordable
Bryan Hendersen asked:
ort to stem the decline in the American economy caused by the 2008 third quarter recession, President Obama and his government has ratified a 2009 economic stimulus plan that will help in many different ways. Everyone has been affected in some way by the most recent financial problems and is having trouble meeting their responsibilities. It was thought that the citizens that were most affected were those who had negotiated a very high interest rate home loan and were now having trouble paying their monthly mortgage bill. The First Time Home Buyer Stimulus was created specifically to help first time homeowners keep their homes by offering easier terms and lowering their interest rate.
When people buy a house, they are not just forming a home; they are making an investment as well. Buying and decorating a home is an emotional journey and involves a lot of sentiment. Many years of work, much planning and a lot of saving precedes the purchase. If, because of financial difficulties, the home is on the brink of foreclosure, the pain is not just about losing a house, but about losing the memories and the hope associated with it. There is very little that matches the emotions involved in a home. The government has formed a package for first time homeowners so they can afford their homes.
These plans have made buying a home easier and much more affordable for people who have delayed their home purchase because of the recession. First time homeowners are now usually offered a lower and a fixed interest rate. The amount of the fixed rate is determined by the monthly income of the borrower, so they are able to pay their instalments. Tax rebates are also offered and every month this money can be used for general daily expenses.
There are people who have made significant sacrifices in order to save for their home. With this stimulus package they are now able to add eating out or taking a holiday to their lives. In this way the stimulus package doesn’t just benefit the real estate market but the overall economy and may possibly create jobs. When the customer to spending ratio is increased, all areas of life and all elements of society will be affected.
Jessica
ort to stem the decline in the American economy caused by the 2008 third quarter recession, President Obama and his government has ratified a 2009 economic stimulus plan that will help in many different ways. Everyone has been affected in some way by the most recent financial problems and is having trouble meeting their responsibilities. It was thought that the citizens that were most affected were those who had negotiated a very high interest rate home loan and were now having trouble paying their monthly mortgage bill. The First Time Home Buyer Stimulus was created specifically to help first time homeowners keep their homes by offering easier terms and lowering their interest rate.
When people buy a house, they are not just forming a home; they are making an investment as well. Buying and decorating a home is an emotional journey and involves a lot of sentiment. Many years of work, much planning and a lot of saving precedes the purchase. If, because of financial difficulties, the home is on the brink of foreclosure, the pain is not just about losing a house, but about losing the memories and the hope associated with it. There is very little that matches the emotions involved in a home. The government has formed a package for first time homeowners so they can afford their homes.
These plans have made buying a home easier and much more affordable for people who have delayed their home purchase because of the recession. First time homeowners are now usually offered a lower and a fixed interest rate. The amount of the fixed rate is determined by the monthly income of the borrower, so they are able to pay their instalments. Tax rebates are also offered and every month this money can be used for general daily expenses.
There are people who have made significant sacrifices in order to save for their home. With this stimulus package they are now able to add eating out or taking a holiday to their lives. In this way the stimulus package doesn’t just benefit the real estate market but the overall economy and may possibly create jobs. When the customer to spending ratio is increased, all areas of life and all elements of society will be affected.
Jessica
What kind of loan can I get as a first time home buyer?
Out Snooped asked:
I am looking to purchase a bank owned home and I live in California. I have a credit score of 650 and I make about 40,000 a yr. I am looking to purchase a home but I am not sure what kind of loan is available to me as a first time home buyer. I have heard about alot of loans available but I’m not sure which ones are the most suitable for me. I am also not sure which lender or mortgage company to go with? Any ideas would help!
Nellie
I am looking to purchase a bank owned home and I live in California. I have a credit score of 650 and I make about 40,000 a yr. I am looking to purchase a home but I am not sure what kind of loan is available to me as a first time home buyer. I have heard about alot of loans available but I’m not sure which ones are the most suitable for me. I am also not sure which lender or mortgage company to go with? Any ideas would help!
Nellie
Can I use the first time home buyer loan on a foreclosure?
Kim asked:
Can I use the Obama first time buyer home grant of 8,000 on a foreclosure, if so what are the details about using it?
Beatrice
Can I use the Obama first time buyer home grant of 8,000 on a foreclosure, if so what are the details about using it?
Beatrice
About how long does the IRS take to mail you your first time home buyer refund check?
goofy1804 asked:
for the first time home buyer $8000 dollar tax credit how long does it take to get reimbursed?
Joel
for the first time home buyer $8000 dollar tax credit how long does it take to get reimbursed?
Joel
Can I get a loan other than an FHA and still get the first time home buyer tax credit?
asked:
Trying to buy a foreclosure as a first time home buyer. The house needs a little work (slight water damage, floors, paint) so I dont think I will be able to get an FHA loan. I want to do the work myself. If I get another type of loan will I still qualify for the first time home buyer credit?
Tamara
Trying to buy a foreclosure as a first time home buyer. The house needs a little work (slight water damage, floors, paint) so I dont think I will be able to get an FHA loan. I want to do the work myself. If I get another type of loan will I still qualify for the first time home buyer credit?
Tamara
Do I Qualify For the First Time Home Buyer Tax Credit If I Buy a Mobile Home?
William Thompson asked:
The first time home buyer tax credit is made available after the present Obama administration took a big leap in reviving the declining market of housing realty. This tax credit is part of the stimulus package approved by the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 tax credit available for them if they are qualified in the mentioned tax credit qualifications.
So if you’re planning to buy a mobile home you can take advantage of the tax credit the federal government offers to would be home buyers like you. But you must be certain that you understand all the details of the tax credit before you apply for it.
First time home buyer tax credit is available only if you buy a mobile home as your principal residence. This means that your mobile home will be the home where you plan to reside almost all of the time. This tax credit is also available to principal purchase of a condominium, town house, houseboat or a detached house as long as it is your principal residence. Accordingly, your mobile home must be in the US. Please keep in mind that it is not eligible if you buy your mobile home from your parents, or siblings.
Although mobile homes fall under the category of qualified homes for availing tax credit, there are other requirements you should take into consideration to avoid waste of your time and effort in applying the tax credit. Here are the following qualifications necessary for your application:
1. The tax credit is only available to first-time homebuyers. The rules provide that anyone will be a first-time buyer if he or she has not owned a principal residence for three after buying a house. If you owned a vacation house that is not your principal residence, you can apply for the tax credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide if the situation occurs where only one is qualified and the other is not.
2. You must have a $75,000 modified gross income, or MAGI, on your federal tax return if you are married head of a household or single. If you’re filing a joint tax return with your wife, your MAGI must be $150,000.
3. If you have more than $75,000 MAGI and if you’re single or married head of household, you may get a partial credit subject as long as it is below $95,000. The same applies for the second category, where your joint tax return indicates a MAGI of more than $150,000 but less than $170,000. MAGI beyond the marked limits will be not qualified for a tax credit.
4. You cannot apply for a first time home buyer tax credit if you bought your home before April 9 2008. 2009 home buyers are likely to have the tax credit.
To further your knowledge about the first time home buyer tax credit that is currently being offered by the federal government, you should visit the nearest authorities in your state. You could also learn information related to this in the net. You can benefit much from this opportunity, but you must seek advice and make plans to avoid credit problems in the future.
Warren
The first time home buyer tax credit is made available after the present Obama administration took a big leap in reviving the declining market of housing realty. This tax credit is part of the stimulus package approved by the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 tax credit available for them if they are qualified in the mentioned tax credit qualifications.
So if you’re planning to buy a mobile home you can take advantage of the tax credit the federal government offers to would be home buyers like you. But you must be certain that you understand all the details of the tax credit before you apply for it.
First time home buyer tax credit is available only if you buy a mobile home as your principal residence. This means that your mobile home will be the home where you plan to reside almost all of the time. This tax credit is also available to principal purchase of a condominium, town house, houseboat or a detached house as long as it is your principal residence. Accordingly, your mobile home must be in the US. Please keep in mind that it is not eligible if you buy your mobile home from your parents, or siblings.
Although mobile homes fall under the category of qualified homes for availing tax credit, there are other requirements you should take into consideration to avoid waste of your time and effort in applying the tax credit. Here are the following qualifications necessary for your application:
1. The tax credit is only available to first-time homebuyers. The rules provide that anyone will be a first-time buyer if he or she has not owned a principal residence for three after buying a house. If you owned a vacation house that is not your principal residence, you can apply for the tax credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide if the situation occurs where only one is qualified and the other is not.
2. You must have a $75,000 modified gross income, or MAGI, on your federal tax return if you are married head of a household or single. If you’re filing a joint tax return with your wife, your MAGI must be $150,000.
3. If you have more than $75,000 MAGI and if you’re single or married head of household, you may get a partial credit subject as long as it is below $95,000. The same applies for the second category, where your joint tax return indicates a MAGI of more than $150,000 but less than $170,000. MAGI beyond the marked limits will be not qualified for a tax credit.
4. You cannot apply for a first time home buyer tax credit if you bought your home before April 9 2008. 2009 home buyers are likely to have the tax credit.
To further your knowledge about the first time home buyer tax credit that is currently being offered by the federal government, you should visit the nearest authorities in your state. You could also learn information related to this in the net. You can benefit much from this opportunity, but you must seek advice and make plans to avoid credit problems in the future.
Warren