Can you have owned a home and be a first time buyer?
In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) which offers a below-market, fixed interest rate and can help with your down payment.
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First and foremost educate yourself. Use your state's local housingauthority for free seminars in the steps of a home purchase andlearning about financing is key. You need to …have a good sense ofyour income and the amount of money you can afford for the costs ofownership: mortgage, insurance, taxes and repairs. Once you havethe basic real estate knowledge, you can make better choices inchoosing your mortgage lender as well as your real estate agent. Choose a lender and get preapproved for an amount that they wouldlend you for a house. Many times you are approved for more of aloan than you can afford to pay monthly, so be cautious about yourprice range when you are looking. Being preapproved will make theoffer and sale process go smoother than if you are trying to buyand apply for a loan at once. You may need several thousand dollarsto pay for the application, prorated insurance and taxes, titleinsurance, termite inspection, home inspection as well as closingcosts. If you attend open houses, keep the preapproval and its amount toyourself. That realtor is not for you--they are the seller. If theyknow your top dollar, you may end up with less negotiating room. Call a real estate agent. Remember that fees for his/her serviceare paid by the seller. If you are a first time buyer with no home,you pay the agent nothing. He/she splits the fee of the agent whois working with the seller of the home you will buy. A good agentcan make appointments to see houses you have found as well as somethat may not have hit the market yet. They are also good atnavigating through all of the hoops if you choose a repo or shortsale home. I have also heard that some agents are called "buyer'sagents" meaning they have nothing to sell you; they only work withhomebuyers so there is no conflict of interest with them trying toput you into a home where they represent the seller also. When your title company calls and is ready for you to sign,make sure that you carefully read the form that shows all of thecharges that you and the seller will pay. Check that items you havepaid upfront and those that the seller should pay are correct. Thisdocument should come to you the day before signing. If it isincorrect, contact both the realtor and the title company.
There are definitely a lot of programs available for those interested in receiving a home loan, especially for a first time home buyer. The best advice I can give is to find a… mortgage company that you can trust and has an established reputation. I would suggest a mortgage company that is part of the LendRIGHT program (which represents the top 3% of community lenders in the United States). I would also recommend that the company you choose be a direct lender as well. These mortgage companies can offer programs and services that others cant; like direct in-house underwritten, FHA refinance programs, FHA 203K renovation loans, USDA rural housing loans, VA home loans, reverse mortgages, and other mortgage refinancing programs.
It i more likely that a first time home buyer is someone that has never bought a home before, either that means that you have never picked out the home or you have and someone… else has paid for it. Either way that person would be a first time home buyer. Depending on what state you live in there are factors that could place you in the category of first time home buyer even if you have previously owned a home. In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This loan offers a below market, fixed interest rate and can even help with down payment. I would check with a mortgage company in your state to see if there are similar programs available.
Yes, if you are not on the current loan and will be the primary borrower on the new loan you may qualify as a first time home buyer.
No, since you are not a first time home buyer. I tried that when I got a divorce and because my husband and I had bought a home I didn't qualify. . Not necessarily true. In …New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This loan offers a below-market, fixed interest rate and can even help with down payments. I would check with a mortgage company in your state to see if there is a similar program available.
Do you qualify for a first time home buyer credit if you we buy a home in your name as i have never owned a home and im not working but my husband is and it is also not a first home for him?
i odnt know cuz i dont own a house but i think it would
This will tell you what type of credit you're eligible for: http://thedailey.files.wordpress.com/2009/11/2009-homebuyer-tax-credit-changes.pdf and this will tell you how to f…ile for the credit http://thedailey.wordpress.com/2009/10/20/filing-amended-tax-return-for-first-time-homebuyer-credit/.
If there are 2 purchasers on a home and only one is a first time home buyer can first time buyer get first time home buyer tax credit?
Sorry for the one-liner question, did not know how to add all the details in the question itself. Here they are: We purchased out first home on October 15th; we file under mar…ried filing jointly status, and our combined income is above the 150,000$ limit (that was in effect before Nov 6 2009) but below the 225,000$ limit (for home purchased after Nov 6 2009). Do you know if there is any way I can claim any tax credit for our home purchase? Not knowing that congress was going to increase the income limit for the second tax credit extension, I decided to go ahead with house closing on Oct 15th w/o waiting for the new extension to start, now it just seems a bit unfair that I cannot get any tax credit just because I purchased the house 3 weeks before Nov 6th!
You must have bought - or entered into a binding contract to buy - a principal residence on or before April 30, 2010 . If you entered into a binding contract by April 30, 201…0, you must close (go to settlement) on the home on or before June 30, 2010 .
No you cannot take the credit when you buy your home from a close relative. This includes your parents.
Reyna de Courcy
It makes an excellent first home, - but if you are asking about taxation or benefits as a 'first home' you'd have to ask your provincial or state department that deals with th…at. - - You don't say where you are - it's always helpful to do so.
The question is pretty vague, but I will try to provide you adetailed answer. The most important thing about buying a home for the first time ischoosing the right mortgage pr…ogram. Most of the times when a home buyer starts his house hunt, he goeslike "well, I have saved money for years and i can buy whicheverhouse I want." But that is not how things work here. You cannot afford to spend all your money on buying a home anddeplete your budget when it comes to paying bills, home repairs andother monthly costs. How to avoid this this situation? Go to a mortgage lender. He will determine youractual financial situation and help you choose the house that suitsyou best. One more thing, when you consult a lender, you will often hear" you either pay 20% down payment or we wont grant you anyloan. " This is not true! There are several first time home buyer loan programs ( FHA, VA, USDA, Conventional 97 ) that provide you loan forlow or no down payment at all. Then there are programs like VA, USDA which give you an option ofloan with zero down payment. However, both these loans are limitedto a particular class each. (VA for US military veterans and USDAfor those looking for a property in Rural/Suburban areas). On the other hand, FHA and Conventional 97 loan are accessible toanyone for a small down payment. FHA requires 3.5% whileConventional 97 Loan requires a down payment as low as 3%. So when you start you house hunt, determine you financial conditionand go for the loan that suits you best, rather than spending allyour savings on a "Dream Home" that will leave you with a depletedbudget.