First time home buyer - tax credit for 2013?

Asked by BayGeorge, San Francisco, CA Sun Jan 6, 2013

Hi,
Looking to buy 2 properties this year.

#1. What are the benefits for first time home buyers in 2013? I know there may be other posts on Trulia on this, so please indicate links if info still applicable for the new year. Scenario: Bay Area, 700K$ property, 10% downpayment. Good credit score.

#2. Can I buy a property as an investment, and then a year later buy a property where i actually will live and qualify as a first time home buyer? I know it sounds contradicting but want to understand what the flexibility of the program is like.

#3. If I buy as a first time buyer, I will need to live in the property, correct? What about I only spend a few nights a month, using it as a commuter property?

Thanks to all for your help.

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Answers

4
stephen webb…, Agent, Kirkland, WA
Mon Jun 3, 2013
The MCC tax credit is the best tax credit yet! I have been surprised to learn how few real estate agents and loan officers know about it. Typically the loan officer helps you file and you must file before you close on your purchase. And some loan officers try to talk people out of the MCC. A number of people have emailed to tell me they cant find a lender that will explain the tax credit. If a loan officer does not offer the MCC they are not a good choice. The loan officer is a critical choice for a first time home buyer. Ethical, experienced and working for a lender who offers all of the loan types as well as practiced with your state's agency that offers assistance and grants for first time home buyers. First step is to gather up all the information you can before you interview loan officers. An article that will serve you well is, Consultation,Interviewing Loan Officers, at Your-Road-Home.com. Also article #9 as about the MCC. You will also find a link to your State's agency that offers assistance and information on the MCC.
Trulia is also a good source of information and after you have gathered all the information you can find you will find loan officers and agents from your area on Trulia offering their services.
Best Of Luck, Stephen Webber,
Web Reference:  http://Your-Road-Home.com
1 vote
Andrew Liebe…, Agent, Tamarac, FL
Mon May 18, 2015
There is a program that I use that provides 10,000 towards your down payment and closing costs. It is a zero interest and zero payment loan that is only due when/if you sell the home. I have closed using this program several times and would be happy to assist you. Also I use a 2,000 tax credit program (MCC), which enables you to receive a 2,000 tax credit for the life of your loan.
HERE ARE SOME OF THE REQUIREMENTS

1-Must not have owned a home in 3 years.
2-Must have been in the same line of work for 2 years
3-Must make more than 25k but less than 80k
4-Must have 1,000 to put into the deal.
5-640 minimum credit score.

Contact Andrew 954-394-7185 Text first Please!!!!!!!
andrewLtherealtor@gmail.com
0 votes
Brittanybenn…, Home Buyer, San Francisco, CA
Mon Mar 18, 2013
What first time home buyer programs does Alaska have?
0 votes
Meir Aloni, Agent, Plantation, FL
Fri Jan 11, 2013
Real Estate is local; saying that, you can be a 1st time buyer only once...if you buy using any government or local assistance program, you most likely will have to prove you did not own real estate in the past 3-5 years....
Please contact me, and I'll put you in touch with 3 TOP local pros, who can guide you, locally.

With enthusiasm,

Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220 http://www.WeSellBroward.com
All Star Realty Inc.
0 votes
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