Financing in 66853>Question Details

Shar, Home Buyer in 66853

Does anyone know if persons whose income is ssi are elegible for the first time homebuyers credit?

Asked by Shar, 66853 Sun Feb 7, 2010

0 votes Share Flag Financing in 66853

Help the community by answering this question:

Answers

4
Makes no difference as to the source of the income, as long as it's a legal source. More info at http://www.TopekaHomeSearch.com or feel free to give me a call. If your question is too complicated, I'll do you a favor and refer you to a tax professional!
Web Reference: http://TopekaHomeSearch.com
0 votes Thank Flag Link Sun Feb 7, 2010
Both answers below are correct. Dan's correct: It doesn't matter the source of income. And Keane's correct: It's a tax credit. So if you owe less than $8,000 in taxes (for a first-time homebuyer) or $6,500 (for a person who's lived in the home for 5 out of the last 8 years) and meet all the other requirements, you'd get the difference back as a refund.

Here's a link to the IRS information on the credit: http://bit.ly/HomeBuyerTaxCredit

Hope that helps.
0 votes Thank Flag Link Sun Feb 7, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
I think what Shar is asking is if they can get the tax credit if they don't pay income tax since SSI isn't taxable.

Yes, it's literally a free check for $8k if you fit other guidelines.
0 votes Thank Flag Link Sun Feb 7, 2010
As long as it is a stable income it should be counted as income.

The problem is how much you make. yearly income x 3 = safe mortgage. I have seen a few say that social security incomes where it is not taxes can be multiplied by 125% for figuring mortgages.

The real question is how much a month can you safely afford?
Can you handle any repairs that will come up?
Do you have the money for a down payment, closing costs, and then still have enough extra to handle some repairs that could happen right after you buy the house?

Sometimes renting makes more sense than buying does.
Sometimes buying makes more sense than renting does.
Look at the blog below. It allows to to calculate which is really better for you.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…
0 votes Thank Flag Link Sun Feb 7, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer