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Kiranesmith85, Home Buyer in Lithonia, GA

Hello I want to purchase a home from a private owner with out getting a loan can I qualify for first time buyer credit

Asked by Kiranesmith85, Lithonia, GA Mon Jan 21, 2013

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6
You're asking two separate questions. There are no first time buyer home credits being offered by the Government, those programs expired years ago. Different states do occasionally have first time buyer programs, we have them here in North Carolina, I don't know about Georgia, you will need to Google, Georgia First Time Buyer Programs and see what comes up.

Personally I would not advise looking for homes where the Seller is willing to finance you. To begin with there aren't going to be many and the only reason for a Seller to offer this is because they can't sell their home. Secondly, in most cases sellers offering owner financing are extremely savvy and are looking to take advantage of less savvy home buyers. They will charge you above average interest rates and their "contract" will definitely favor them. If you do go this route I would advise you to have an attorney review it before you sign anything.

I wish you all the best.
0 votes Thank Flag Link Wed Jan 30, 2013
How about we let you know that you can write off the interest on your property and the property taxes as well. Here's another bonus, your income tax refund won't be shorted to pay off the credit that was given...oops too late. Your income tax refund will be shorted. Perhaps you may want to consider going into business for yourself to give yourself more tax write offs. Just don't make too much money or you'll hit the higher tax bracket. Another issue of writing off too much on your tax return is that you won't qualify for a loan if you write off too much.

If you're simply looking for down payment assistance, that's another conversation.
0 votes Thank Flag Link Wed Jan 23, 2013
no it has to be used in conjuction with and FHA product -
Troy Wile
404-313-7391
0 votes Thank Flag Link Tue Jan 22, 2013
there are first time buyer incentives in every almost every county giving down payment assistance upto $7500 in some counties.
Troy Wile
Outside the box
404-313-7391
over $90 million in sales
Re/Max Metro Atlanta
Flag Tue Jan 22, 2013
Kirane,

That offer expired a few years ago. There's no tax credit anymore.
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Kiranesmith85,

Rodney is correct the home buyer credit expired years ago. I would suggest you talk to a Realtor about what you are trying to accomplish.
0 votes Thank Flag Link Mon Jan 21, 2013
Currently, there is no First Time Buyer Tax Credit. That ended about 3 years ago or so.

I do not suggest doing lease purchases though. There are simply way too many things that can go wrong with one from either side.

In order to do true owner financing, the owner must own the property free and clear of any mortgages. Very few sellers are going to be in that position.

If the property currently has a mortgage on it, the owner cannot legally transfer the title to a buyer without the mortgage first being paid in full. Most all mortgage loans have a due on sale clause. This due on sale clause requires that the mortgage be paid in full should a title transfer occur.

The buyer is also at great risk on a lease purchase transaction should the seller quit making their mortgage payments. Right now, many sellers cannot afford to make their mortgage payments or simply chose not to continue making them. I have seen where the buyer is making their rent payment, but then the owner is not paying the mortgage. The next thing the buyer knows is that the home is in foreclosure. That means the buyer will generally not get back any of the money they have given as earnest money or security deposits.

It is also a big risk on the buyer. If your credit is not where it needs to be now, there is no possible way of you knowing it will be acceptable in a set amount of time.

Before entering into any type of agreement like that, the buyer needs to make sure that they fully understand the potential pitfalls that could arise. Should the seller default on the mortgage, the buyer could lose ALL of the money that they have invested. Until you are able to purchase, renting is generally the safer option.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options to see if purchasing might be a possibility for you. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Mon Jan 21, 2013
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