DrTorch
Proved mach and GTS to be liars
Posts: 35,887
Joined: Jun 2002
Reputation: 201
I Root For: ASU, BGSU
Location:
|
Question for real estate/tax gurus
|
|
06-05-2009 12:32 PM |
|
BlazerFan11
Hall of Famer
Posts: 12,228
Joined: Dec 2005
Reputation: 367
I Root For: UAB
Location:
|
RE: Question for real estate/tax gurus
To qualify for the credit, it would have to become their primary residence.
|
|
06-05-2009 01:23 PM |
|
Jesterondirt
Real racing happens on dirt!
Posts: 5,830
Joined: Nov 2005
Reputation: 128
I Root For: GoldenHurricane
Location:
|
RE: Question for real estate/tax gurus
|
|
06-05-2009 01:45 PM |
|
DrTorch
Proved mach and GTS to be liars
Posts: 35,887
Joined: Jun 2002
Reputation: 201
I Root For: ASU, BGSU
Location:
|
RE: Question for real estate/tax gurus
(06-05-2009 01:45 PM)bleed blue and gold Wrote: (06-05-2009 12:32 PM)DrTorch Wrote: http://articles.moneycentral.msn.com/Ban...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...
|
|
06-05-2009 02:00 PM |
|
BlazerFan11
Hall of Famer
Posts: 12,228
Joined: Dec 2005
Reputation: 367
I Root For: UAB
Location:
|
RE: Question for real estate/tax gurus
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.
|
|
06-05-2009 02:06 PM |
|
Jesterondirt
Real racing happens on dirt!
Posts: 5,830
Joined: Nov 2005
Reputation: 128
I Root For: GoldenHurricane
Location:
|
RE: Question for real estate/tax gurus
(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.
(This post was last modified: 06-05-2009 03:06 PM by Jesterondirt.)
|
|
06-05-2009 03:05 PM |
|
GGniner
All American
Posts: 4,370
Joined: Feb 2007
Reputation: 38
I Root For:
Location:
|
RE: Question for real estate/tax gurus
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.
|
|
06-05-2009 03:48 PM |
|
BlazerFan11
Hall of Famer
Posts: 12,228
Joined: Dec 2005
Reputation: 367
I Root For: UAB
Location:
|
RE: Question for real estate/tax gurus
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.
|
|
06-05-2009 04:06 PM |
|
GGniner
All American
Posts: 4,370
Joined: Feb 2007
Reputation: 38
I Root For:
Location:
|
RE: Question for real estate/tax gurus
Interest rates are soaring again, so that part of it may be over.
|
|
06-05-2009 04:09 PM |
|
WoodlandsOwl
Up in the Woods
Posts: 11,813
Joined: Jun 2005
Reputation: 115
I Root For: Rice Owls
Location:
|
RE: Question for real estate/tax gurus
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.
(This post was last modified: 06-05-2009 07:25 PM by WoodlandsOwl.)
|
|
06-05-2009 07:23 PM |
|