My fiancee and I are looking to purchase our first home to take advanatge of the $8,000 tax credit. Since the credit expires in April, and we will

Asked by Warno1515, Baytown, TX Thu Dec 3, 2009

not be married until July, is there going to be an issue?

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Dallas Texas’ answer
Dallas Texas, Agent, Dallas, TN
Tue Dec 15, 2009
Only a mortgage broker who reviews your file can determine your best interest and what you can qualify for.

You can have an executed contract by end of April however not close till 6/30/10 .

Keep in mind you receive annual tax benefits

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Douglas R Lu…, , Harris County, TX
Mon Dec 7, 2009
Great Question! The 2009-2010 tax credit can be based on combined income if you file jointly in 2010. So purchasing before you get married does not affect the tax credit amount. If you file separately your maximum income to receive FULL CREDIT is $125,000. If you file jointly in 2010 the maximum income is $225,000. To go a step further, if you are looking to get qualified NOW before you purchase (HIGHLY RECOMMENDED) you can use both incomes before you get married. This may be needed for approval purposes and does not affect the tax credit calculation. Mortgage income qualifying and tax credit calculation incomes are separately calculated!
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Bruce Lynn, Agent, Coppell, TX
Thu Dec 3, 2009
Always check with your tax advisor to make sure, but this should not be a problem. The way I understand the provisions, you can contract by April and close even a month or two later. I ALWAYS ALWAYS ALWAYS suggest that if you purchase a home together with an unmarried person that you go to your family attorney and draw up some kind of pre/nup. If you don't want to do this, you are not alone, but there have been plenty of people deep in love that don't get married as planned. It is certainly worth $200 or a few dollars to have an attorney draw up some simple agreement that lasts until the wedding is complete.

Good luck....plan for the best, prepare for the worst and you'll be just fine.
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Thomas Martin, Mortgage Broker Or Lender, Hollywood, FL
Thu Dec 3, 2009
Not an issue at all and you can get into a home using an FHA Home loan. ONly 3.5% down and the seller can pay up to 6% of your closing cost and prepaids. Here is a link on how to claim your 8000 tax credit. http://www.federalhousingtaxcredit.com/
0 votes
Gwenn Tanvas, Mortgage Broker Or Lender, Green Bay, WI
Thu Dec 3, 2009
Hi There! Great questions and congrats to you and your fiance - The law states that you must enter into the sale contract by 4/30/09 and close by June 30th. Below is a link that will take you to great resource site. Whether you two are married or not should not have any baring on qualifying for the credit so long as you are in contract by April and close by the dead line in June.

The NAHB, National Association of Home Builders has put together the most comprehensive site and is sure to provide answers to may questions you may have. Please visit the links below -

FAQ - At A Glance - http://www.federalhousingtaxcredit.com/glance.php

FAQ - First Time Home Buyers - http://www.federalhousingtaxcredit.com/faq1.php

FAQ - Repeat Home Buyers - http://www.federalhousingtaxcredit.com/faq2.php



My very best wishes to you both and if there is anything more we can do to help, please do not hesitate to ask. Make it a great day.....
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