Home Buying in 44129>Question Details

Rude1s, Other/Just Looking in 44129

Our bankruptcy discharged in Jan. 07', do we qualify as first time home buyer and $8,000 credit? Husband is

Asked by Rude1s, 44129 Thu May 14, 2009

VA qualified, and employed 2 years, what are chances of gettting a loan in this market?

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Roswell Moore, CMPS’s answer
I want to clear up a bit of miss-information:

A Buyer can have owed a home within the last 3 years & STILL QUALIFY for the "First Time Home Owners" tax credit.

They can even own a home right now & STILL QUALIFY for the credit!

How? The small prints states that as long as you have not owned a Primary Residence, you will qualify for the "First Time Home Owners" $8,000 tax credit.

I hope that helps,
Ros


Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095
http://www.ezAZloan.com
0 votes Thank Flag Link Sun Jun 7, 2009
you did not pay a bank on the last home you purchased, now you want another bank to loan you more money??

What would you answer?
0 votes Thank Flag Link Sun Jun 7, 2009
You must have not owned a home in the last three years to qualify.
0 votes Thank Flag Link Thu May 14, 2009
Good evening-
You have 2 separate things here!
1st time Home buyers tax credit. If neither you nor your husband has owned a home within the past 3 years, then you are a 1st time Home Buyer if your income is under $150,000.
The only way to know if you would qualify for a loan would be to sit down with a mortgage broker or your bank. I would STRONGLY recommend that you deal with a LOCAL person. Find someone that you can sit down face-to-face. You will need to have someone that you can depend on to be there & make things happen as they should.
Drop me a note at jwirsing@kw.com or call me at 440-487-2193 and I would be most happy to offer you some names of qualified, honest lenders.
Sincerely,
John Wirsing
Realtor
Keller Williams Realty Greater Cleveland
0 votes Thank Flag Link Thu May 14, 2009
The IRS will take the $8,000 credit if the person has an offset on their tax refund- like child support, student loans etc.. they will pay off these debts with the credit.
0 votes Thank Flag Link Thu May 14, 2009
Bob is right. You must not have owned a home in the past 3 years to qualify for the tax credit and your bankruptcy must be discharged 2 years to qualify for a loan. There of course would still be the minimum credit score requirements, although VA may not require that. It is best to check with a reputable lender and then check with ANOTHER reputable lender.

Dee Nofziger
Realtor
Web Reference: http://www.ask-dede.com
0 votes Thank Flag Link Thu May 14, 2009
For the first time home buyer's credit you cannot have owned a home in the last 36 months. They will ask for 3 yrs of tax returns to confirm this. Va will make you eligible to assume a VA loan, but the rates are probably better now than anything you may encounter that is assumable.

Chances for a loan are good.....I would still check with a finance manager, and not an online one. I of course encourage you to yours ours. Call 440-971-5600...ask for Doug...and refer to Bob Kienast when asking for info.

Feel free to contact me personally for more info at 440-971-5616
0 votes Thank Flag Link Thu May 14, 2009
your close rude see what we can find out

TJ
0 votes Thank Flag Link Thu May 14, 2009
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