knoppolean asked:


I am planning on buying a home before I marry. My soon to be wife bought a home about 4 years ago. If I purchase and close on the house before marrying her, can I still claim the $8K?

Glenda

shizzle asked:


I have one more year left in law school and then I plan on purchasing a house. After a I graduate, If I started off with the lowest possible income at 43,000 a year, could I purchase a modest sized home with no money down? Or would I have to wait until I saved up money for a down payment?

Edith

Getting Married 9-19-2009 asked:


We bought a home in October of 2009. My husbands father passed away so the home was in an estate. We purchased the home from the estate of his father. I know that we can not purchase a home from a family member directly but since this was from the estate are we still eligible for the tax credit?

Joseph

MelC asked:


I had a mobile home that cost about $5000 in a trailer park which I still had to pay rent on. Since it wasn’t really a homestead, can I still claim the tax credit when I purchase an actual home? I hadn’t taken a mortgage or anything out for the trailer.

Heather

ReptiGuy asked:


Im 18 I started a dog breeding Business when I was 15 and i now make 80,000 a year my younger brother is moving in with me too and he makes 20,000 a year with reptiles. My dad said first home buyers have no bad credit so down payment isn’t necessary? Were looking at a house in DAllas Texas for $225,000

Jamie

show all 32′s asked:


Ok, my Mom is a first time home buyer… She just purchase a home this month 2/2010, but my brother was a co-signer, my question is, is she still in titled to the 8000 credit even tho my brother owns a home already?

Raymond

ftwhite03 asked:


My fiance and I are considering buying our first home, but the problem is that we both have bad credit. (Poor decisions from when I was younger.) If I had a co-signer would this help in our chances of getting approved for a loan?

Jessie

oliveOIL asked:


I know that last year some programs with the FHA ended, is there any new ones or any other ones? We want to buy a house, but just can not save up the down payment. Once we buy a house and build equity we will always have that to use for a down payment, but the first one is tough. Any suggestions??

Charlotte

Don’t you get it?? asked:


Can you apply for the first time home buyer tax credit before you buy a home and use it as your down payment as long as you close before 7/1/009?
At the bottom of this website you’ll see what I’m talking about..

http://www.federalhousingtaxcredit.com/faq.php#3

If you go the website you will see that the 7500 can be given in this year or the next, and it’s income base so if you are going to get paid more this year 09 then you can claim it on your 08 return.

This is what it says…

If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Eileen

itybtytityluvr asked:


Will they extend the firstime home buyer credit or have something different? I am hoping to sell my house but it is not quite ready to be put on the market yet because I have a few more repairs to make and get rid of a bunch of crap.
Is it going to hurt me by not taking advantage of this big credit?

Jeffery