Zillow Advice: Home Buying - If neither me or my gf is on the loan can we still get the 8k

Props your new digs! ...

Sun, 09 Aug 2009 02:42:00 GMT

Props your new digs! Enjoy.

Thanks to all for the answers ...

Sat, 08 Aug 2009 23:57:00 GMT

Thanks to all for the answers we already bought our house and my girlfriend is on the title to the house so were good. That was all i needed 2 know besides the complicated answers that some submitted on here. Thanks again

You don't own a home that ...

Sat, 08 Aug 2009 22:52:00 GMT

You don't own a home that you are not on title to or that you are not on the loan.

Why not fix yours, and your girlfriends credit, get married (there is no divorce court for couples splitting houses that aren't married) and then buy a house??

I raised my hub's credit score from 630 to over 800 in under 6 mos. The reason why his was low is because we live debt free, and they wanted us to play the credit card game. We did, and we won.

21barcelona doesn't seem ...

Sat, 08 Aug 2009 20:21:00 GMT

21barcelona doesn't seem to have a clear grasp of who will be buying the home legally. It really doesn't matter who is on the loan, who is going to pay for it, who is on the offer, etc, who will legally hold title to the house?

Amending my answer below: ...

Sat, 08 Aug 2009 19:31:00 GMT

Amending my answer below: if two or more people are on title, then as long as someone on title is eligible for the 1st time homebuyer tax credit, then the fact that the other person isn't eligible (because of income level, or because they've owned a home in the past 3 years) won't matter. The person who is eligible will get the full credit. If two or more are eligible, they will share the credit.

EXCEPTION: if two people are on title and they're married, and one of them has owned a home within the past 3 years, then neither of them is eligible for the credit.

Barcelona,In order to qualify ...

Fri, 31 Jul 2009 20:55:00 GMT

Barcelona,

In order to qualify for the $8K first time homebuyer tax credit, the person(s) on the title (not on the loan) needs to be a first time homebuyer. This means that the person(s) on title has/have not owned a house in the previous 3 years. Also, the $8K credit is only available in full if the person in title earns $75K or less in annual income. A partial tax credit is available if the person earns more than $75K but less than $90K. After $90K, the credit is no longer available.

In what name was the offer on the house made? If it's in her dad's name, then he's the one that the title company will issue the deed to (and hence he will be on title). If it's him, is he a 1st time homebuyer?

If in fact it's his name on the offer, then he can instruct the title company to put his daughter and you on the title instead, or in addition. If it's in addition to him, however, and if he doesn't qualify for the 1st time homebuyer tax credit, then neither you nor your GF will be eligible for it either.

I hope this helps.

-Steve

First off pasadenan you can ...

Fri, 03 Jul 2009 08:10:00 GMT

First off pasadenan you can kiss my a## saying i'm making this up, i wouldn't waste my time coming up with a scenerio like this to have people read for the fun of it. 2ndly i did read that tax info and went to the scenerio page where the closest scenerio to mine went like this if a parent co signs for a child etc etc, but it did not have my exact scenerio thats why i posted this question. Thirdly without giving 2 much info me and my girl live in nevada and my gf dad lives up in montana, so no we're not going to be renting this house from him, we will be making the mortgage payments like i have stated and like i've stated her credit is 20 points short of where it needs to be for her to get the actual loan just herself, so the lender said her dad could do it because his credit is good, he's flying down here souley to fill out the paperwork and he's going back home, this will be our house like i said. Last but def not least don't tell me whats what about reporting my winnings to the irs. I've lived down here in las vegas for over 6 yrs now, and if i make less then 2 k i'm not required to fill out any tax forms on my winnings, anything over 2k i'm giving the option to have the taxes taken out instantly and fill out the paperwork or to declare it on my taxes at the end of the yr. I'm not trying to get rude with you, but i hate when someone comes at me like i'm a lying sack of chit, like i said it's a rare scenerio and my gf asked me the question the other night and i tought it was a very good ? to ask since i didnt know the answer thats all

If the lender won't allow ...

Fri, 03 Jul 2009 05:44:00 GMT

If the lender won't allow your names to be put on title, you likely aren't the "buyer", but a "renter" from your girlfriend's dad.

Really, it is your problem. You can write anything on the tax return forms you want, but if you are not declaring your gambling income, you are aready in trouble and owe substantial back taxes, fees, and interest.

Really, if you want to know how much of the $8k you can claim, and your girl friend can claim, and your girl friend's father can claim, you need to read the documention on the IRS website, OR give them a call at (800) 829-1040.

Your posting of rediculous circomstances without contacting the department that administers the tax law only makes it clear you are making the whole thing up.

If your girlfriend's dad buys the house, there is no $8k to ANYONE as he already owns a house.

The better solution would be for the girlfriend's dad to give money to each of you (which is not subject to gift tax for up to $12k each), and then for you to buy the house for cash. And of course the girlfriend's mom could also give the same without being subject to the gift tax.

But where are your parents, and what are they contributing?

To pasadenan the house is ...

Thu, 02 Jul 2009 09:18:00 GMT

To pasadenan the house is strictyl going to be mine and gf house, we are the ones who are going to be paying the mortgage and living in it, we've lived in an apartment together for 5 yrs and have never been late on a payment but it's just a little small as we have a 4 yr old daughter so we figured now would be the best time to get a house, my credit is chit tough from my younger days and i don't have a real job i just play poker for money, she has a legit job working for a doctor so between us we easily can afford the payments but we were told her credit score is just a lil under where it needs to be thats why we were concerned about her dad signing for the loan.

2ndly to ntets, we're new to all of this house buying stuff all i know is my gf was told she couldnt be on the loan because her score is under, but if she can't be on the loan could she still possibly be on the title?

first, i cant emphasize the ...

Thu, 02 Jul 2009 07:21:00 GMT

first, i cant emphasize the importance of you getting your name on the loan as quickly as you can. if not this year then 1 or 2 years max. i also recommend that you sit down with a RE attorney together and talk about this move with someone other than the loan officer who couldnt care less about for whom or how this loan is funded.

secondly, if your names are on the title, you should be able to divide the rebate how ever you want