So my uncle said that there was an offer for 7000 loan from the government that had to be paid back in 15 years with no interest.
My father gave me 50% and my uncle 50%. The house had been refinanced about 4 years ago.
7000 with no interest sounds good, just dint know where to find information about it. Ive been looking everywhere.
Anybody know of this, or know where to get good information on this situation.
yea the house had been bought like… 10 years ago by my dad.
The house also had been refinanced 4 years ago to pull money out to purchase another new home.(to pay the new home in full)
Last year my dad did a quick claim transfer(gift) to me for 50% of the title deed and 50% for my uncle. My uncle wasnt on the title previously.
Now were both new owners of the property atleast on the title we are.
Couldnt we qualify since we are the new owners of the property (me and my uncle). Were paying the rent after all, i am now too.
HUBERT
SAMUEL
It is on the IRS’s website. You post does not make much sense though. Your father and uncle gave you 50% each of WHAT? What house was refinanced 4 years ago? That does not sound like a NEW purchase to me. It sounds like they gave you the house in which case you are not eligible since you did not buy anything. Please add more details.
Comment by Ryan M — September 19, 2009 @ 4:00 am
BENJAMIN
ok it is for first time home buyers and the loan is $7500 tax credit. You pay it back $500 a year for the next 15 years. You do not get it up front at all only after you buy. Now dad and uncle can gift you your down payment and you can buy a home then apply for the tax credit after that. If you are not a first time buyer or have not owned in the last 3 years you qualify. If you have owned you get squat
additional
what month? You paid squat so where are you a first time buyer?
The fact that you were gifted 1/2 of this home you have a tax liability now. You need to see an accountant.
I am a mortgage banker in TN & KY
Comment by golferwhoworks — September 20, 2009 @ 11:49 pm
CHARLES
Technically because you already own 50% you are no longer a First Time Buyer, for which this money was earmarked by our government.
Comment by Alterfemego — September 21, 2009 @ 2:51 pm