First Time Home Buyer Question (documentation, investment, property, renting)

[CarolinaOnMyMind]

Hi everyone,

My wife and I are first time home buyers and we are looking to take advantage of the $8000 tax credit. We know we have to be under contract by 4/30 and close by 6/30 to qualify for the tax credit. Do we have to be occupying the house by a certain date after closing? We may not move into the new home immediately upon closing, but perhaps a few months afterwards if this is permissible. We dont live in the same state where the house will be purchased. This home will be our primary residence since we dont own another home, but are currenty renting. What documentation would we need to send the IRS to obtain the tax credit? Thank you.

Gary

[chet everett]

The IRS has no standards for occupancy. You will get the needed documentary evidence at closing.

[Rakin]

The lender will have you sign a document at closing that says it's your principal place to live and it will be. It does not ask when you will move in and it probably is no ones business.

Just don't buy it and lease it out immediately, then it's investment property and that's a different ball game for the lender.

[CarolinaOnMyMind]

Thank you gentlemen.

[FalconheadWest]

FHA forms state that you will move into the house within 60 days. Conventional could careless...

Your problem is going to be getting financing without living where you're buying. If you're buying a "primary" residence, the lender will want proof that you have jobs in that area and possibly want you to get at least 1 paycheck prior to funding of the loan. Just food for thought... but with the basic information you provided, it might not be possible to do what you're wanting to do.