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Any buyer who has not owned a home in the past three years is considered a first-time buyer and eligible for the program. Borrowers can claim the credit by filing an amended 2008 tax return or can wait for their 2009 return.
This is nice news for the real estate world, but what part of being a first time home owner does the government not understand....
Isn't a first time HO some one who never owned a home? So every time you sell a home and wait for 3 years, you are a first time HO....Wow I guess the government will waste much more money and will never teach our children what the word "first timeHo" should mean!
Bentlebee, where have you been? As in..where have you been on the boards..I haven't seen you too often.
I'd comment on your post but all I can think of is an inappropriate off-color joke, lol.
Location: central, between Pepe's Tacos and Roberto's
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Quote:
Originally Posted by bentlebee
Any buyer who has not owned a home in the past three years is considered a first-time buyer and eligible for the program. Borrowers can claim the credit by filing an amended 2008 tax return or can wait for their 2009 return.
This is nice news for the real estate world, but what part of being a first time home owner does the government not understand....
Isn't a first time HO some one who never owned a home? So every time you sell a home and wait for 3 years, you are a first time HO....Wow I guess the government will waste much more money and will never teach our children what the word "first timeHo" should mean!
Although I understand your point, the government is taking it's cues regarding terminology and definition from the lending industry on this, which has always held that if you have not owned a home in the last 3 years then you are a first time homebuyer. Does it make sense? Not particularly. But that's how it is and has been since I've been involved in the business.
Bentlebee, where have you been? As in..where have you been on the boards..I haven't seen you too often.
I'd comment on your post but all I can think of is an inappropriate off-color joke, lol.
LMAO! Glad I'm not the only one who read it that way!!!
Bentlebee, where have you been? As in..where have you been on the boards..I haven't seen you too often.
I'd comment on your post but all I can think of is an inappropriate off-color joke, lol.
Busy, busy but I still have been writing , almost every day but on other forums.
Basically its like many other programs for the last decades they taregt people that don't presently own a home but renters.
Ohh I understand, so it is basically for real first time HO and for the once that have been foreclosed on or went bankrupt, a few years ago and proven not being able to handle their finances....Wow, the government is very smart...
Basically its like many other programs for the last decades they taregt people that don't presently own a home but renters.
Ahh, see but there are loopholes. I have several homes and qualified for the first time home buyer because the other homes are in land trusts and the mortgages and titles are not in my own name.
I have to wonder if the loophole was left there on purpose, or if the government was to stupid to close them.
Ohh I understand, so it is basically for real first time HO and for the once that have been foreclosed on or went bankrupt, a few years ago and proven not being able to handle their finances....Wow, the government is very smart...
If they have a recent BK and lots in collection, and a recent foreclosure they're not going to qualify for much of any kind of loan nowadays. Even tho this common program is offered now, doesn't mean there is no criteria required to qualify.
First time homeowner loans have been around for decades.
However, on a general level I must agree wholeheartedly with your last statement!
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