will i qualify for first time buyer plans

Profile picture for m671054
Contributions: 3
my husband bought or curreent home before we got married and i was never put on title, now we are thinking of buying another home for our primary residence and renting our old one, if i get the loan in my name only would i qualify as a first time buyer even if my down payment was from joint funds or would i need to seperate funds for a preset amount of time??
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November 09 - US
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If you have lived in your current residence for a minimum of 5 years, you and your husband should qualify for up to a $6500 tax credit, providing you meet all the other qualifications, i.e., annual household income. 
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6 days ago
Profile picture for Bob Lowery
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Since February 2009

You definately would not qualify for the first time home buyer credit.  A few have mentioned you can qualify for the move up credit, but this is very sketchy.  I have heard both buyers, even if they are married, must pass the qualifications individually.  So, that is not a slam dunk either.

I would recommend contacting an accountant and get their advice to see if you qualify for the $6,500 credit.

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November 12
Profile picture for Jason Bonas
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Since November 2009

NO... you both occupied a home as your primary residence
(I spoke to a guy the other day who also was given similar bad information that since both names( he and his wife) were not on the mortgage that they could go pick up a second home at the tax payers expense (sadly he said he confirmed this information with both his buddy who is his loan officer and his friend who is his agent... so i told him before you do that confirm it with the IRS they don't need permission to take back money you conned them into giving you lol)

- as I have stated before. there are 100,000 fraud cases being investigated because of people falsely filing for the credit and i believe that about 1/3 are based on misinformation

If you and your hubby lived in the home for 5 of the last 8 yrs you can get the move up credit  of 6500 but your new home needs to become your primary residence and you will either sell the old one or use it as a rental (have you played landlord before?)

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November 12
Profile picture for arozmus
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I am a mortgage underwriter with my DE and recently attended a refresher training on this mortgage tax credit.  Michael is 100% correct on all information as far as what I recently learned in training.  Hope this helps!
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November 12
Profile picture for rab38505
While I'm fairly certain that Michael is correct regarding the first-time buyer credit, you would be eligible for the $6,500 credit if your husband has owned (and continuously lived in) your current home for the last 5 years or more. As far as I know, you should both be able to be on the title and the source of funding should not matter.
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November 09
Profile picture for MikeEmery
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Since December 2008

Ok, here's the RIGHT answer.

You do NOT qualify for the First Time Homebuyers Program because you and your husband already own a home. It doesn't matter whether or not your name is on the title. All the IRS cares about is that, as a married couple you have had the advantages (tax wise) of home ownership. By marrying someone who was a home owner, you are both excluded from the program.

And because you have not owned your current residence for at least five years, you would not be eligible for the most recent version of the program either.

It's unfortunate that despite this program being in effect for over a year there is still so much misinformation. 

If you don't believe me, follow the link. 

http://www.irs.gov/newsroom/article/0,,id=206291,00.html
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November 09
Profile picture for loansbytracy
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You would qualify as a first time homebuyer as long as you have not owned a home in the past 3 years... As long as your name is on the account and you have joint access to the funds you can use them as your downpayment and/or closing cost... Hope this helps!
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November 09
 

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