Profile picture for mgb1026

Need help om purchasing a home in the next couple months......

We currently live in a condo (currently refinancing to lower rate 6.25 to 4.37)...
Do we qualify for the 1st time home buyer credit?....What is the best way to get the seller to lower their listing price and chip in the closing cost? We currently have 15K for down and could get a home at 350K to 370K. Any help would be appreciated.
  • May 27 2009 - Woodbridge
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Answers (5)

Profile picture for mgb1026
Thanks sunny, for the advice.
  • May 27 2009
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Profile picture for sunnyview
Since you already own, you would not qualify for the first time buyer's credit. I think that you need to look closely at your ability to qualify for loan. Standards are different now and some lender will balk at you carrying two houses unless you can show them a signed lease for the condo before you buy and they may even require you to qualify for the 350K house and carry the condo when empty on depending on your income/credit score. I think it might be worth talking to the lender board here before you decide how to proceed to see if they have specific suggestions on financing requirements in your situation and it also may be worth calling a local agent in your area to see what the number of days on market is. That will give you some idea about how willing owners might be to pay closing costs and also some idea about how clean your offer will need to be to get accepted in your market. Both theses areas can be set up before you make an offer so you know what to expect when you find a house that you want to make an offer on.
  • May 27 2009
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Profile picture for mgb1026
sorry...we will be leasing our condo.
  • May 27 2009
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Sunnyview is correct in that based on the facts as you have provided them - you do not qualify for the 1st time home buyer credit.  Also, you do not indiciate if you intend to put your condo on the market or not.  Unless you have other funds available to you, you should also be looking to engage the services of a listing agent to help with the sale of your condo.  When looking to sell and purchase , the first step is to list your home.  You do not want to find a property and make an offer subject to the sale of your current home.  That puts you in a competitive disadvantage with other buyers.  Also if you make an offer on a property you may likely feel pressured to accept a lower-than-market offer on your condo just to get the deal done.
  • May 27 2009
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Profile picture for sunnyview
I am a little confused. If you currently own the condo that is being refinanced, you would not qualify for the buyer's credit. However, if you have not owned a property in the last three years and qualify under the other income guidelines, you would. Check out this FAQ here to see if you qualify. FHA has one of the lowest required down payments at 3.5%. THat would leave you with some money for closing costs. As for asking the seller to chip in, make a good solid offer and ask for a reasonable amount like maybe $2000 for closing costs. Some sellers are willing, some are not, but if you don't ask you won't know.
  • May 27 2009
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