Home Buying in Roseburg>Question Details

no at no ema…, Home Buyer in 97462

The Federal 8k ? for new home buyers. does that mean you cannot have owned a home in the last 3 years or have?

Asked by no at no email, 97462 Thu Jul 9, 2009

not sold one ? We owned a home in Portland for 25 yrs and sold it in Feb 09. to keep it from going toxic and got nothing out of it. We currently live in a small cabin in Otis that is now listed for sale and we are trying to find a homestead near Roseburg. Is there any way we might qualify for the Obamas largess. To increase a potential down payment on a place in the 150k range.

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James Gordon ABR SFR SRS ’s answer
Phil you can not have owned a home for the last 3 years to be able to qualify for the 8000.00 first time home buyers Federal incentive. By the way how did you own a home for 25 years and get nothing out of it? If you did cash out refinances on the home you at least recieved money that you spent on other things.
Web Reference: http://www.Find1Home.com
1 vote Thank Flag Link Fri Jul 10, 2009
You can NOT have owned a house in the past THREE years....primary residence or not...You cannot at this time use the $8,000. for a down payment. This is a tax CREDIT, if you owe any taxes the $8,000. will work against the tax first then the rest will go to the buyer. Go to http://www.irs.gov for all the details
Cerise Stephens
Broker/ Licensed Tax Preparer
0 votes Thank Flag Link Sat Jul 11, 2009
In reply to Mr. Gordon..
Purchased a home in Portland in 1976 for 34k.
refinanced a few times to pay off medical bills due to Cancer, Broken neck
Concentrated on family more then wealth.
Countrywide was supposed to be paying property taxs and did not.
Was told in Aug 08 they would be raising house payment from 1100. to 2500. a month due to "past taxes"
Knowing I could not pay that on a 40k yearly income. I did honorable thing an listed the home for sale ( by now kids are grown and gone and I also got tired of close quarters. Felt that if I could get 100k out of home we could move to country and build a Cob home and become self sufficient off-grid.)
Home was apprased at $450. I owed $180. Realtor was green but enthusiastic. listed it at $295. Accepted offer for $255. By time buyers realtor was done I ended up with $195. an had a 10k "prepayment" penelty that everyone said ( including countrywide) would be dropped as it was not a re-fi but a sale. They renigged on agreement First bottom line from Escrow was $500. left.. then $300. then $54.80
0 votes Thank Flag Link Fri Jul 10, 2009
The only way around having held title in the last three years is if you can prove that you did not live there. The catch is that you have not owned a house over the last three years as a primary residence. If you rented the property out over the last 3 years, then you MAY qualify. It's very subjective in that everyone's scenario is different. Check out the website at http://www.irs.gov. It has a questions and answers page.
0 votes Thank Flag Link Fri Jul 10, 2009
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