I have a different kind of mortgage for a first time homebuyer loan. Will I still get the credit?

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We will be signing for our first home next week. The mortgage lender owned the house and he is for our first year, financing us himself, because of our credit points. The second year, we are going to in house finance. Would we still qualify for the first time home buyer tax credit even though we have a different loan situation?
Wanting to add, I already HAVE a lender, thank you, don’t SPAM my question.

I’m putting more than 20% down payment on a home purchase. Is mortgage insurance required no matter how large of a down payment is placed. This is a first time home loan.

My broker claims that I have to buy mortgage insurance even though I’m putting more than 20% down because its a first time home loan.
Don’t know if this matters but I live in California

  1. Reply
    April 29, 2011 at 9:31 pm

    It depends on how the current owner structures the deal. If he sets it up in ANY format in which title remains in his name, you will not qualify. (along the lines of a rent-to-own scheme)

    Title must pass into your name(s) during the time period specified by the $ 8000 tax credit bill in order for you to qualify for same credit.

  2. Reply
    April 29, 2011 at 10:01 pm

    No. Get a new broker. He is making money on that.

  3. Reply
    April 29, 2011 at 10:13 pm

    If you are doing an FHA 30 year fixed loan then yes, you will pay mortgage insurance no matter how much you put down.

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