Home Selling in Yuba City>Question Details

Alingerf, Home Buyer in Yuba City, CA

What are the minimum time frames for living in a Homepath home and for receiving the $10k tax credit?

Asked by Alingerf, Yuba City, CA Wed Mar 7, 2012

Hello,

My husband was just offered a fantastic job in the Bay Area. The job also offers relocation assistance, where they will buy the house if it doesn't sell in three months.

My question is: We have a Homepath home that we've lived in for two years now, can we sell it? The employer will pay any penalties on the house.

We also received the $10k credit at the time, but I can't remember if there was a certain time frame that we had to live in the house. Would we just need to pay that back (which the employer would pay for)?

Also, I was wondering if this would affect our credit or affect our ability to buy another house, as the employer also offers down payment assistance.

I would greatly appreciate your expertise with Home Path homes and the $10k credit that was offered two years ago and what the time restrictions are. By the way, I know this was all spelled out in our contracts, but my hubby has it filed away. Just hoping someone can refresh my memory.=)

Thank you!

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Answers

2
I would take the time to dig up your ppwrk, unless repaying $10k back to the IRS isn't a concern :)

BTW - I believe the tax credit amount was $8000, not aware of a higher amount for Homepath approved properties....again, another reason to review your ppwrk!

Best regards, Jeff Marr
Alpine Mortgage Planning
0 votes Thank Flag Link Sun Mar 11, 2012
I believe that most Homepath properties require you to live in the property as an owner-occupant for 1 year. You likely signed an "owner-occupant" rider, which stipulates that "you must reside in the property for at least 1 year after the occupancy date, unless extenuating circumstances arise, that are beyond your control". I would try to dig the contract up just to verify this information, but I've closed a few and this is the language on the current Fannie Mae riders I've encountered.
0 votes Thank Flag Link Wed Mar 7, 2012
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