XyHD.tv: First Time Homebuyer

How Does The $8000 First Time Homebuyer Program Work?

I have heard it is a grant. That I have to pay it back. That it is a tax break...If I purchase a home right now as a first time homebuyer is this money guaranteed to me? I am working on the family to get a down payment togethere and I will get it if I can for sure pay it back next year.

Answer:All the information you need to know is here.

Would I Qualify For The First Time Homebuyer Tax Credit If I Get A Co-signer For The Bank Loan?

I am thinking of buying a condo soon, but the $8k tax credit is an important factor in my decision. If I get a co-signer on my loan, would I still qualify as a first time homebuyer? If for some reason the co-signer has to assume financial reponsibility for some time, what would happen?

Answer:Call the IRS for exact information. A cosigner is the one obligated to make sure something is paid, its their credit that gets ruined if you do not make your payments, its their responsibility to make all tlhe payments too. I would think they would be the one getting that credit. I cannot image a bank getting involved in this kind of loan with a cosigner, usually those are for smaller things like, rental agreements, car loans. Houses, loans of hundreds of thousands of dollars, especially in this day and age, I bet it will be extremely hard to find a lender to do that for you, or someone with fantasteic credit, willing to take this on as a favor. You are already wondering if you cannot make the payments, the gentleman thing to do if its allowed, is let that person take that credit as a thank you for trusting me and laying it all on the line for me. Great credit is hard to repair, they really would be proving what a great friend they were, *and your already worried about them having to make the house payment right?

Am I A First-time Homebuyer If My Mothere Decided To Put My Name In The Paperwork Three Years Ago?

I am 29 and want to purchase my own home under first-time homebuyer programs and hope that didn't ruin my chances. My name is on the loan, not the title.

Answer:3 years ago if you signed the note --you are not a first time buyer. If you are just entitled on the home you can be. I am a mortgage banker in Tn & KY

Can I File My First Time Homebuyer Tax Credit Now, Without Waiting For Filing Taxes?

Can I file my first time homebuyer tax credit now, without waiting for filing taxes or should I file them togethere? Which processs would be faster to get the tax credit?

Answer:You can amend your 2008 and get it in the mail now. It will still take a couple of months. If you wait and file it with your 2009 taxes it still has to be mailed in.

What Does The IRS Define As A First Time Homebuyer, As It Pertains To The Tax Credit?

I've heard that it's not so black and white; that you can have previously owned a home but it has to have been a certain period ago. I can't find any official information on what they define as a first time homebuyer.

Answer:and that pertains to both people if married. And yes the rules are specificic.

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First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges.: An article from: General Accounting Office Reports & Testimony
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Author: Unavailable
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Citation Details
Title: First-Time Homebuyer Tax Credit: Taxpayers' Use of the Credit and Implementation and Compliance Challenges.
Author: Unavailable
Publication: General Accounting Office Reports & Testimony (Report)
Date: November 1, 2009
Publisher: Stonehenge International
Volume: 2009 Issue: 11 Page: NA

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Help for homebuyers: a guide to the new first-time homebuyer credit.: An article from: Journal of Accountancy
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Citation Details
Title: Help for homebuyers: a guide to the new first-time homebuyer credit.
Author: Nell Adkins
Publication: Journal of Accountancy (Magazine/Journal)
Date: May 1, 2009
Publisher: American Institute of CPA's
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Tax credit, lower prices fuel rise in home sales.(Real Estate and Housing)(First-time homebuyers have been taking advantage of a federal incentive, which ... from: The Register-Guard (Eugene, OR)
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Citation Details
Title: Tax credit, lower prices fuel rise in home sales.(Real Estate and Housing)(First-time homebuyers have been taking advantage of a federal incentive, which is due to expire on Dec. 1)
Author: Unavailable
Publication: The Register-Guard (Eugene, OR) (Newspaper)
Date: October 17, 2009
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Page: A1

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Signs of stabilization in home prices: first-time homebuyers, investors driving current market.: An article from: San Fernando Valley Business Journal
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Citation Details
Title: Signs of stabilization in home prices: first-time homebuyers, investors driving current market.
Author: Eric Billingsley
Publication: San Fernando Valley Business Journal (Magazine/Journal)
Date: May 11, 2009
Publisher: CBJ, L.P.
Volume: 14 Issue: 10 Page: 1(2)

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Citation Details
Title: Best markets for first-time homebuyers.(Market Research & Housing Policy)(Cover Story)
Author: Ingo Winzer
Publication: Mortgage Banking (Magazine/Journal)
Date: August 1, 1995
Publisher: Mortgage Bankers Association of America
Volume: v55 Issue: n11 Page: p14(7)

Article Type: Cover Story

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