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jcojr72
Joined: 13 Aug 2009
Posts: 2
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| Posted: Thu Aug 13, 2009 1:09 am Post subject: Do we qualify for first time home buyer |
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We have a unique case, we own a home now which we purchased from my fiances parents 3 years ago. Our mortgage is paid to them, there is an accountant that handles filing of all the appropriate forms, and we deduct the interest from our taxes.
We are looking to rent out our current home and buy a new home to take advantage of the favorable real estate prices. Can we still qualify as a first time homebuyer if we did this mortgage through a bank?
Our stats are:
130,000 income/year
1,675 current mortgage (hoping to rent for around that)
310 car loan
425 school loans
No credit card debt
Credit score=789
We are looking to buy a home between 200-250K, and would love to qualify for the 8k refund.
If we don't qualify for this refund, is their any chance of qualifying for a loan with a small downpayment? Thanks for your input. |
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Chuck DeMonte
Joined: 17 Apr 2009
Posts: 51
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| Posted: Thu Aug 13, 2009 4:22 pm Post subject: |
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If you are truly going to live in the new home it shouldn't be a problem. So it will have to be an upgrade of some sort. The new home will have to be Bigger, nicer, closer to work etc. Some kind of benefit moving into the new home.
Also you would either have to be able to afford both payments or show a propsed lease from a person who was going to be renting the house so you can use that as income and make your current housing payment a wash.
You seem like you have a good income so you can probably qualify with out even using a proposed lease.
Also if you are looking for the loan program with the smallest required down payment.
VA is 100% financing (but you have to have been in the military before)
FHA is only 3.5% which you would qualify for that no problem.
For the tax credit that is only for first time home buyers so you would not qualify for that. |
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KristinK908
Joined: 29 Sep 2009
Posts: 26
Location: New Jersey
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| Posted: Tue Sep 29, 2009 7:31 pm Post subject: |
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what state is it in?
also, who is on title? |
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jcojr72
Joined: 13 Aug 2009
Posts: 2
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| Posted: Tue Sep 29, 2009 9:52 pm Post subject: |
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| The house we own is in New Hampshire, the house we are looking to buy is in Massachusetts. Both of our names are on the title. |
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KristinK908
Joined: 29 Sep 2009
Posts: 26
Location: New Jersey
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| Posted: Wed Sep 30, 2009 2:43 pm Post subject: |
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Have you called a local Mortgage company and asked them to take an application and see if it can get approved?
That would be my first suggestion.
I dont personally know anyone licensed in Mass. |
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Chuck DeMonte
Joined: 17 Apr 2009
Posts: 51
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| Posted: Wed Sep 30, 2009 2:55 pm Post subject: |
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| I am licensed in MA if you would like feel free to email me and I can see what we can do in terms of a pre-approval. |
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KristinK908
Joined: 29 Sep 2009
Posts: 26
Location: New Jersey
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| Posted: Wed Sep 30, 2009 2:56 pm Post subject: |
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Hi Chuck, i will keep you in mind for any MA people I stumble upon.
I know it has gotten very strict in that state...
thanks
Kristin |
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