1st time home buyer

Asked by William, 19150 Tue Jun 2, 2009

I am the sole owner of a LLC that buys, sells and rents property. All properties are under the LLC's name. I've personally never bought or owned a home. Would I be considered a 1st time home buyer for a mortgage and for the 8000 tax credit? Also would I qualify for the 1st time home buyer grants?

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Renee Porsia, Agent, Newtown, PA
Wed Jun 3, 2009
Hello William,

As long as you have not had a primary residence in your name in the past 3 years, you would be considered a first-time home buyer.

You would qualify for the credit that will end in November. It will depend on your income though for how much of that credit you actually get.

There is a program available that will give you money for your costs however, I would need to see if you qualify for that.

Then you have seller assist that you can ask for which will help and if you have good credit, you can take advantage of the low rates. They have gone up a bit but still are very low.

If you have some time, feel free to read my blog at http://www.reneeporsia.com I think you will find it helpful.

I'd love to talk with you further about your situation. Feel free to contact me.

Renee Porsia
Associate Broker
RE/MAX ACTION
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com
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Bill Hamberg, Agent, Ambler, PA
Tue Jun 2, 2009
Hey William,

The 1st time buyer credit is for people who have not owned a primary residence in the past 3 years, so based on the information you give you should be eligible - assuming you meet income guidelines. Grants may have more specifications, so you should review the criteria in depth with your REALTOR. FHA loans are no longer restricted to 1st time buyers. Again, work closely with your agent and loan officer to find the best programs for you. Good luck and please don't hesitate to contact us with any questions. -Meg

Meg Hamberg, REALTOR, ABR, CDPE
Keller Williams Real Estate Horsham
215.784.5230 Direct
215.657.8100 Main
215.657.8105 Fax
PA LIC# RS278797
Web Reference:  http://www.thehambergs.com/
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