Liz, Go to http://www.federalhousingtaxcredit.com for details about the tax credit. or go to http://www.hud.gov.
You can alos find a list of mortgage companies on the hUD web site.Talk to a company/loan officer in Florida.

Liz, talk with a local lender that is able to do a loan in FL that you know and also talk with a local lender in FL. I know a lot of real estate professionals so if you need info, just contact me. The amount of your down payment depends on what that lender can offer you. If it's a townhome, you should be ok but sometimes condos have a rental max and if there are already too many renters, it's more difficult to get a loan. Talk with a real estate agent if you know one there in FL so they can research and connect you with the right people. I f you have as many family members there as I do, they are sure to know someone that can help you with all the information you need!

Liz,

Check with a reputable lender. Requirements are changing almost daily in response to market conditions. The rule of thumb has been 5% down for a conventional loan as primary residence, 3.5% for an FHA loan primary residence.

Investment property usually runs 10% minimum down. Lenders also factor in your debt to income ratio. The higher risk they think you are, the higher down payment they may require.

Talk with a national company like Bank of America and see what they can do for your situation.

Page

Thanks Page and everyone. We are fine foregoing the tax credit. We more than likely would not be able to do this before the deadline but would've moved things along if we qualified. We are certainly not trying to start our married life off on the wrong foot by committing fraud!

Is there a certain percentage we could expect with regards to the down payment? We are hoping to relocate to this home in the future so eventually we might make this our primary residence. Is this something we should disclose when applying for our mortgage? Thanks again!

Wow... Jerfferson!

Liz,

Please check out the link below to find out about the tax credit.

As Lori said, being deceptive requesting a federal tax credit...you may find your first home is a federal prison!

You do qualify for the credit, but the property must be your primary residence. The intent of the credit is to help citizens purchase a home, not a vacation home.

Liz, it never hurts to ask the question, but unfortunately, the answer to question 1 is no. The answer to question 2 is yes, you can apply for a mortgage in another state. Just be aware, if it is not your primary residence, you will likely have a larger down payment requirement, and may have property tax requirements (varies by state).

Check with lenders in the area!

Page

Oh they wouldn't be lying. They bought the home with the intention of moving down to their new primary residence - but needed to adjust their plans for some reason after the closing - and are stuck in PA for just a little while longer.

They likely wish to wait at LEAST until the winter to move down to avoid the brutal FL summer. :-) Snow birds do that ALL the time - and their primary residence is Florida

We do not want to lie on any applications and getting the $8000 credit would be icing on the cake. We are more concerned about whether this is a feasible option for us. As renters and non home owners, will lenders be reluctant to give us a mortgage for a first time home purchase in another state? Is this a realistic possibility? Do we just need to prove that our salaries and credit are good enough to pay both a rent and mortgage? Also, we are hoping to purchase the home in Pinellas County (specifically St. Pete) if that makes a difference. The cost of homes is just too good for us to wait on. Thanks for all of the answers so far!

Liz, I think (hope) Jefferson is kidding. Never lie on a loan application - it's fraud. In addition, how you take title on the home that you and your fiance are planning on purchasing is important. Should this purchase qualify, are you willing to put one home in your name and the other in your fiances to get both credits? Find out the minimal owner occupant requirements to qualify for the tax credit and move accordingly if possible. Getting $8,000 now by putting down wrong information will cost you more later down the road when you have to refinance under worse terms if your lender ever calls your loan. I'm not a fan of the IRS (and I really hating what my taxes are being spent on) but..just don't mess with it. Get the right answers and do the right thing.

Hi Liz,

Congratulations on your upcoming wedding. Assuming that you don't make over the limit, you can still use the $8000. Just don't tell anyone involved at all that this is a vacation home. That's now officially between you, your fiancee and your families. Just buy it as your primary residence and then stay in PA. What they all don't know won't hurt you. It's none of their damn business.

Consider if you can buy the FL place as just ONE of you - so the other can buy another property as a first-time home buyer.

Liz, please consult the official irs page for clear answers on this. Your plans to have the property as an investment property initially may throw a wrench in your plans. Where in FL are you thinking about buying?

Hello Liz,

Lots of questions! :) Feel free to give me a call and I can help you through that entire process including finding a great Realtor in Florida to assist you!

Jennifer Daywalt, Realtor
Re/Max Results Realty
610-489-7355 Main Office
610-999-7693 Direct
Top Agent 2004, 2005, 2006, 2007, 2008 http://www.Jenniferdaywalt.com
Selllinghomesjenn@aol.com