first time home buyer - owner loan

Can i qualify for a first time home buyer loan?

admin — Sun, 20 May 2012 18:10:59 +0000

Question by MightyMouse111: Can i qualify for a first time home buyer loan?
My brother owns a home that is worth about $ 400K. He has moved to another country on business and i would like to purchase 1/2 the home from him. Can i qualify for any first time home owner loan if im purchasing a home with someone?

Best answer:

Answer by SmartA$ $
Nope, you can’t buy from a family member.

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how long does it take to get the first time home owners tax credit?

admin — Thu, 17 May 2012 18:14:58 +0000

Question by : how long does it take to get the first time home owners tax credit?
Looking to close in a couple of weeks, then turn apply the first time home owners credit to my 2008 taxes. How long should I expect it to take to receive it direct deposit? Thanks.

Best answer:

Answer by Tsunami
i think you will have to file for it with taxes and that is where you get it.

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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?

admin — Mon, 14 May 2012 18:08:36 +0000

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

admin — Fri, 11 May 2012 18:13:55 +0000

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?

admin — Fri, 11 May 2012 18:13:54 +0000

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:

Those “free grant” websites are SCAMS.

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Q&A: First time home owner tax info?

admin — Tue, 08 May 2012 18:23:36 +0000

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

admin — Sat, 05 May 2012 18:14:26 +0000

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

admin — Wed, 02 May 2012 18:43:32 +0000

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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Q&A: I am first time home owner. Right now I just find out that my roof is damage!?

admin — Sun, 29 Apr 2012 18:20:04 +0000

by National Library of Scotland

Question by neris692000: I am first time home owner. Right today I but find out that my roof is damage!?
The roof is not good at all and I dont have no money to repair it.Any suggestion!!!!!!

Best answer:

Answer by TZ
can you get the equity line of credit from the banks?

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Questions on First Time Home Owner?

admin — Thu, 26 Apr 2012 18:18:18 +0000

Question by KAJ81: Questions on First Time Home Owner?
I am a first time home buyer who is purchasing an older house in an established neighbourhood. The house was built in 1954, and the old lady that lives in it has lived there since 1957. She is not the original owner but as far as I am concerned she is. Anyway, it is a buyers market and I am wondering if it is weird to ask the seller to pay for the home inspection. I am not an expert, but I did not see her having a dryer in the house, but she did have an outlet for it. I know that her electrical circuit box is outdated, and it makes me wonder about the wiring of the house, as well as plumbing because I was told that older homes are not always plumbed to handle a dishwasher and things like that. I don’t want to pay 500 dollars to find out I don’t want the house or that it has huge problems and I don’t think this little old lady has had an inspection done. I have asked that she pay for the inspection upfront and if I purchase the house I would pay her back at closing. too much to ask?I rent now and have all modern appliances and things I need. I do not want to move into a house where I pay slightly more per month, but can’t even plug in a computer, and new appliances. I know that her lifestyle has probably not made her to be aware of the concern, but I don’t think it is too much to ask. I have stipulated that if she pays for the inspection and I decide not to purchase, then she would own the report so that she atleast knows why I didn’t buy it and why potential buyers might not buy it at the price she is thinking. Any advice would be appreciated. If you think its too much to ask.. please say why, if its not, please do the same.I don’t want to feel like I’m asking too much from this lady, but I don’t want to pay for something out of pocket when I feel that it’s her house, and she should be willing to cover this minor expense if she really wants to sell the house.

Best answer:

Answer by spraynwalls
it’s not out of line to ask the seller to pay for an inspection. However, this is usually the duty of the real estate agent to do, in order to ask for full documentation as part of full disclosure. If not them, then the buyer, who should know the real truth about problems before signing the purchase contract.This could really be a problem for the buyer, as any room additions or upgrades to the property usually requires a building permit, and anytime one is issued, the rest of the property has to be brought up to 2008 building & electrical code, not stay at 1957 code.

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