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ive been talking to a lender today and he is going to get me a prequalify letter. which i understand is not as significant as a preapproval. he said that if im only looking for houses in the 500k-600k range then he will put a number closer to that than anything higher so that realtors and/or buyers wont want to get more money out of me. i can see how that makes sense. does this really mean anything? he has my credit report but no back up for my assets and income.
my accountant is telling me that i dont qualify for the first time home buyer tax due to low income requirements. i may be able to get 4k for my wife, but he said dont count on it. he will be coming by next week for further discussion.
it infuriates me that i am paying for everyone else's 8k tax credit and i get absolutely nothing. i was hoping to load my gun safe with that 8k for the upcoming civil war.
[quote=CaptainNJ;9355349] i was hoping to load my gun safe with that 8k for the upcoming civil war.[/quote]
haha, I've made some "preparations" myself, supporting the local gun shop, lol.
I wasn't aware of any income level restrictions on the first tme homebuyer tax credit (I'm a Certified Mortgage Planner). If you have never owned a home before, and you buy a home between Jan 1, 2009 and Nov 30, 2009 you should qualify. The credit is 10% of the purchase price of the home up to a maximum of $8,000.00. Most of the banks are scrambling right now to see if they will adopt a policy where they will allow that credit to be used towards closng costs of the loan, otherwise you just would claim it on your 2009 taxes when you file next year. (The credit will be added to whatever your rebate winds up being or will offset if you have to pay)
I would do a little more research though on whether or not you can claim it by doing the loan in your wife's name. First off, she would have to qualify for the loan on her own without using any of your income/assets etc. The title of your current home can also nothave her listed anywhere on it.
One additional point of interest is that NJ is a marital rights state in that regardless of her name appearing anywhere on the deed/mortgage/note etc, she is legally entitled to half of that house because she is married to you, this may technically remove hr from the "first time" homebuyer category.
thanks for the response. my wife definitely wouldnt qualify for the loan on her own. ill read up on that link you posted. here is what my accountant said in regards to my question:
"Hi CaptainNJ,
Income restrictions start at $150,000 & phase out at $170,000 (meaning between 150K & 170K the credit gets reduced). You made $20 million in 2008, but above would be based upon 2009 income.
Assuming income is below $150,000 in 2009 year we might be able to squeeze by using Mrs.NJ as a 1st time home buyer, but best case scenario would be a $4000 credit. I would need additional info to see if this works.
In considering your purchase, I would not count the possibility of the $4000 credit into your purchase decision.
Remember also, you have to move into the house by December 1, 2009 (not just go to closing, title has to pass & you have to occupy the new premise)
I will be at your office Tuesday 6/23/09.We can discuss further.
my wife definitely wouldnt qualify for the loan on her own.
Well, there's your answer then..... Regardless of what you made, YOU currently own a primary residence and would not be considered a first time home buyer.
Well, there's your answer then..... Regardless of what you made, YOU currently own a primary residence and would not be considered a first time home buyer.
so you say no chance for half the credit because my wife has never owned a home? im not really sure what my accountant is saying so ill follow up with him tuesday.
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