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Question for real estate/tax gurus - DrTorch - 06-05-2009 12:32 PM
http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/got-2500-dollars-buy-a-house.aspx
Could a child jump in on this?
RE: Question for real estate/tax gurus - BlazerFan11 - 06-05-2009 01:23 PM
To qualify for the credit, it would have to become their primary residence.
RE: Question for real estate/tax gurus - Jesterondirt - 06-05-2009 01:45 PM
(06-05-2009 12:32 PM)DrTorch Wrote: http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/got-2500-dollars-buy-a-house.aspx
Could a child jump in on this?
I just signed on my house and will be getting this tax credit.
What exactly do you mean by "could a child jump in on this"?
RE: Question for real estate/tax gurus - DrTorch - 06-05-2009 02:00 PM
(06-05-2009 01:45 PM)bleed blue and gold Wrote:(06-05-2009 12:32 PM)DrTorch Wrote: http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/got-2500-dollars-buy-a-house.aspx
Could a child jump in on this?
I just signed on my house and will be getting this tax credit.
What exactly do you mean by "could a child jump in on this"?
Take advantage of, participate in...
RE: Question for real estate/tax gurus - BlazerFan11 - 06-05-2009 02:06 PM
How old of a child are you talking about? Their status as a dependent wouldn't affect them, but they would have to be earning enough income on their own to be approved for a loan.
RE: Question for real estate/tax gurus - Jesterondirt - 06-05-2009 03:05 PM
(06-05-2009 02:06 PM)BlazerFan11 Wrote: How old of a child are you talking about? Their status as a dependent wouldn't affect them, but they would have to be earning enough income on their own to be approved for a loan.
Exactly, unless the child has enough cash to pay for the home then they are going to have to finance it. in order to be financed you have to meet the following requirements:
~With a 620+ credit score you can get 100% financing through USDA rural development in some areas, a 580+ score will require alot of work to get approved, but FHA will do it and it will require at least 3.5% down.
~An income that wont exceed 60% debt ratio with a mortgage payment
~You have to have a bank account that shows the person applying for this mortgage is the one actually making the income, they will keep a very fine magnifying glass on this as well. Any deposits not considered as your main income will need to be explained and will not be allowed to be used toward the income to debt ratio.
RE: Question for real estate/tax gurus - GGniner - 06-05-2009 03:48 PM
had you bought last year, when rates were higher and prices were higher, and first time buyer you could get $7500 but have to pay back to Government.
A new program started for 2009 first time buyers, in which you get $8k without paying a dime back.
Prices and Interest Rates are lower in 2009, and the incentive/welfare from the Govt. is higher. Those that bought last year and especially those that bought at the peak of the bubble get the shaft from the geniuses in Congress.
RE: Question for real estate/tax gurus - BlazerFan11 - 06-05-2009 04:06 PM
There are some crazy deals out there.
I bought a 2BR/2.5BA condo in February of this year, paying 5% down, and got a 4.875% rate, plus I got the seller to bring the price down $8K and pay my closing costs. I took the $8K credit (now using it to pay my car off a year and a half early), and had more money then before I bought the place. I am going to start renting out the spare bedroom this summer for enough to cover half my total monthly costs. After that, I'll be paying roughly what I would for rent (or less) somewhere, so it's basically paying for itself.
RE: Question for real estate/tax gurus - GGniner - 06-05-2009 04:09 PM
Interest rates are soaring again, so that part of it may be over.
RE: Question for real estate/tax gurus - WoodlandsOwl - 06-05-2009 07:23 PM
A "kid" or child under 18 can't sign a P-Note required for the loan. They are not legally competent. Could a Minor's Trust purchase the property and qualify for the credit? Maybe, Maybe not.