Questions by users purchasing a home for the first time, and questions relating to the various first-time home buyer credits.

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2
votes
1answer
92 views

Home buying vs Investing

Note: I've read a few similar questions around the site but many are investment focused only and don't factor in housing questions. Right now, my husband and I are pulling in about $50k/year. My ...
3
votes
1answer
79 views

Why is it so important to look at gross income over net when looking at mortgage costs?

I've been looking at mortgage calculators online lately since I plan on at least beginning to look into house shopping within the next 6-12 months (permitting I have enough saved by that time). ...
1
vote
0answers
24 views

Guidelines on when to buy or rent an apartment (in Europe)

I am currently facing an important decision for my life: I finished studies and will soon enter industry to work. Due to the fact that I will likely earn some money on a regular basis, I want to ...
1
vote
0answers
31 views

What counts as 'qualified government orders'?

In 2008, we received a first time home buyer credit. In 2010, I became a government employee. In 2015, I transferred to a new position in a new city which made me part of the intelligence community. ...
-1
votes
4answers
190 views

Renting or Buying an House

We are a young couple who are renting apartment near NYC. It has been almost 4 years that we have been renting and after every couple of years we had to move to a newer location and every time our ...
31
votes
8answers
7k views

Cash in retirement accounts to buy a house?

My husband and I are looking to buy our first home. He is 39 and I am 37. We live in a major city and house prices are terrible. We are probably looking at a 500K-600K home. We were late bloomers, ...
0
votes
2answers
69 views

Withdraw IRA Early to Buy a House

I am looking at purchasing my first home, as my calculations show it would actually be cheaper to pay a mortgage (and related fees) than it would be to continue renting. I have some savings, and some ...
17
votes
5answers
3k views

Should I buy a house because Mortgage rates are low

Interest rates are pretty low right now and a few of my friends are rushing to buy a house(even though the actual property prices are pretty high.) I was of an opinion that mortgage rates being low is ...
1
vote
1answer
126 views

Am I a first time buyer if I own a share of my parents property?

If my parents use the land registry to add me as a 10% owner of their house, would I still qualify as a first time buyer in reference to common first time buyer mortgage schemes?
11
votes
3answers
7k views

In the donut hole of assistance, Should I buy a home?

I heard that there are a ton of credits and assistance for my county/state for first time home buyers, so I started to casually look at the assistance programs. Unfortunately, because I would be ...
2
votes
2answers
87 views

US: House bought in Feb '16 and tax returns for '15

My wife and I bought our first house in February, 2016. We used a conventional loan to acquire the property. Now (March, 2016) I am preparing a tax return statement for 2015 year. I haven't made any ...
0
votes
1answer
104 views

Real estate agent wants a loan introduction letter

I was talking to a real estate agent (USA, CA bay area) who told me that I need to not only fill out a loan app, w2, and account statements but also write a introduction letter for the lender. I've ...
4
votes
2answers
154 views

Will I be able to purchase land?

I am 19 and I plan on working on a cruise ship to save up around $20,000 to buy a plot of land in Oregon and build a tiny house for myself; however all of this is just an idea at the moment, nothing ...
4
votes
1answer
91 views

Advice on helping younger relatives to buy a house in the UK

Younger relatives of ours would like to move to our area but it's quite expensive - they can only really afford half of a house deposit. We've just come into enough money to make that up to a full ...
3
votes
2answers
135 views

Cost of Title Insurance

When I've shopped around for car insurance and health insurance, there are large differences in cost and also in the type of policy. I just bought a house, and I noticed that there seems to be no ...
2
votes
3answers
387 views

How to calculate how much house I can afford?

Let me start by saying that I've already read How big of a mortgage can I realistically afford? And How much house can I afford, waiting around 3 years or so But those questions are very ...
0
votes
1answer
30 views

Repaying my Home Owners Plan

I have been adding the annualized amount as part of my income declaration since I started repaying this original home ownership incentive. It was determined to be $897/year for 15 years. Will I have ...
1
vote
1answer
66 views

Investing in a Condo or House [closed]

I am a single male and I live in Atlanta, Georgia. I am contemplating whether to invest in a house or a condo. As a lifestyle, a condo suits me better because I am single, I do not have any kids ...
3
votes
1answer
56 views

When filing US income taxes separately, who can claim new home purchase?

Alice and Bob are unmarried and purchased a house together as joint tenants. Both of their names are on the home title and both are on the mortgage. Who can claim the following on their income tax: ...
3
votes
1answer
90 views

What is a qualified IRA distribution for a first time home purchase?

My wife and I recently purchased our first home. In order to partially cover the down payment, I withdrew about $18,000 from my Roth IRA (ie its only in my name). I know the IRS lets you waive the ...
0
votes
3answers
166 views

disadvantages of saving for home down payment through 401k or 457k

I've been toying around with the idea of setting aside money via my 401k specifically for use as a down payment on a house. To be clear, I do currently put 9% into my Roth 401k option and my employer ...
3
votes
2answers
63 views

Whether H1 B Non Immigrant visa holders are allowed to purchase Home in the US?

Are H1 B Non Immigrant visa holders allowed to purchase homes in the US, assuming they have the necessary income and a good down payment (20-30%)? Will the immigration status affect approval for the ...
5
votes
2answers
152 views

Is it the right time to start the homebuying process?

Jan 2015 My wife and I were in the market to buy a home and we got preapproved. The credit pull revealed a negative mark on her credit report (sub-600 FICO score) which was for a student loan that ...
2
votes
2answers
137 views

Is eliminating debt smart when considering a home purchase? [duplicate]

I'm entering into the latter half of my twenties, and I'm now faced with a question I've seen a few times before on this site: should I pay off my student loans or use the money as a down payment for ...
5
votes
3answers
353 views

Paying off student loan or using that money for a downpayment on a house

I am 22 years old, I live in Atlanta, Georgia and I am a recent graduate. I approximately owe 22,000 dollars in student debt (all federal student loans at a fixed rate). My job pays me around 50,000 ...
3
votes
1answer
87 views

Does The (US) 'First Time Home Buyer's Credit' Still Exist?

I was told by a realtor, in the state of Illinois, today that there is currently a program that will provide '$7,500 in assistance for someone who has not owned a house in the past 3 years'. I tried ...
7
votes
1answer
1k views

Turning 30 and making the right decision with my savings and purchasing home

I just turned 30, I have a job which paying me $100k in Los Angeles, I have zero debt, excellent credit score and $65k in my bank account. I am single and I am paying more than 30% in income tax ...
1
vote
1answer
53 views

Credit history when buying a property

Recently in the UK there seem to have been a lot of changes with how mortgages work, especially with the introduction of the "help-to-buy" schemes. Whilst looking around a few sites (both .gov and ...
15
votes
8answers
2k views

60% Downpayment on house?

My fiancee and I are shopping for a house, and very fortunate to have the assets to allow us to make a healthy downpayment. We both like the idea of a lower monthly mortgage payment, specifically the ...
0
votes
1answer
69 views

Buying a flat in Spain for using it as residence

I am an spanish software developer in his 30s, single, no kids, living and working in another EU country with a decent salary. I have saved around 25k€ in the last three years working abroad plus ...
1
vote
2answers
160 views

What's the process to buy an old house to tear it down and create a new one?

I'm seeing an old house in Union City, NJ, that I'd like to buy to tear it down and create a 3 family one to generate income. What are the steps to take in this process and what kind of contract ...
0
votes
1answer
138 views

Can a retired person be co applicant of a home loan?

I am willing to take home loan along with my father whose age is 64. He will be the co applicant. But as the maximum age of repaying a loan is 70 is it possible to remove his name as co applicant and ...
1
vote
1answer
117 views

Home warranty policy is not in effect

I bought my current house in dec-2014 and during the buying process I got the home owner's warranty which was paid by the escrow account ($550.00). This warranty should be good for an year and renewed ...
19
votes
9answers
5k views

First time home buyer. How to negotiate price?

I am a first time home buyer and am getting ready to make an offer on a house. The house is listed at $88,500 and has been on the market for 3-6 months. When I asked my realtor for his advice on what ...
2
votes
1answer
505 views

Financial considerations in buying out siblings on inherited house

My wife and I have the option to buy out my late mother's house from my two siblings; we currently are in the process of inheriting it jointly. They would like to sell the house to someone as soon as ...
3
votes
0answers
92 views

Realtor Credit or Kickback

Its our first home purchase in Maryland, USA. Our realtor agreed to give us 2% kickback (towards closing cost) and she keeps 1% from the 3% commission she gets. If base price of our home is 400K, ...
4
votes
1answer
769 views

Fair Market Value Vs. Assessed Value

As my research, there are two criteria on home values. Market Value and Assessed Value. Market Value used between buyer and seller to get agree on sales price and Assessed Value is used to calculate ...
6
votes
3answers
267 views

Rent or buy a house in a poor country?

I have a very simple question - rent or buy a house in a poor country when you have a stable income? There are many articles on this topic but I cannot find the right solution for my specific case as ...
4
votes
1answer
214 views

As a young person in his early 20s, when should I start thinking about buying a house?

I am saving up whenever I can for my future house downpayment, but I don't really have goals like : Have $X when I'm Y years old Buy a house at age Z Are there good guidelines to have? Goals? What ...
1
vote
3answers
300 views

Buy a new home or stay on rental flat?

I got married a year back. My husband and I both are working professionals. we both are earning well and can save 50000 per month combined after deducting our rental of 25000 per month and all other ...
5
votes
2answers
577 views

Withdrawing $10,000 from two IRA accounts for first time home buyer expenses

I am married and looking to buy my first home. I am planning on withdrawing around, but not more than, $20,000 for use as a down payment. There are two IRA accounts under my name, both opened by me. ...
1
vote
1answer
115 views

Buying a house after graduating from college

I am 22 years old and I am a recent graduate from college and I have been offered a job that will start me off at $50,000 a year. My question is, can I afford a house and if it is a good idea to rent ...
2
votes
2answers
202 views

First Home Purchase - Understanding Closing Costs

My loan officer earlier gave me an estimate of $11,485 towards closing cost, now when I applied for loan I see the estimate going up to $17,110. For example the Origination Fee Charge ...
4
votes
4answers
882 views

Buying a building with two flats, can I rent one out and still get a residential mortgage?

I'm looking to buy a house (first time buyer) and I've seen an interesting property that is currently a (empty) retail space on the ground floor, and the above space is a self-contained flat (which is ...
3
votes
1answer
220 views

Understanding Gift taxes for mortgage downpayment

We have finally decided to purchase our first home and we plan to borrow interest free money from friends and family to pay off 20% downpayment and get cheaper interest/escape PMI. IRS says .. "The ...
0
votes
0answers
108 views

First time buyers in the UK

Are there currently any grants or interest free loans available to first time buyers in the north of England on a home worth around £145,000? My partner and I are looking to purchase a house in the ...
1
vote
2answers
122 views

If I have a home loan preapproval letter for x, can the seller know this without me explicitely telling them?

So, where I live there is in a major seller's market. Houses are sold within days of listing, which makes things like getting loan approval for houses a bit of an issue. I know I can get a blank ...
1
vote
0answers
46 views

First time buyer in Ottawa and need some advice!

Hi im thinking of buying a home in Ottawa south for 350,000$ and im going to put 25,000$ as a down payment. I will be moving to another country in 3 years so i will have to sell my home. Do you think ...
0
votes
3answers
229 views

What are the living costs of owning a condo?

My wife and I are thinking about saving up to purchase a home. Because housing is so expensive, and because we're a single-income household at the moment, we're considering a condominium as an ...
1
vote
1answer
94 views

What sort of demands is it reasonable for a home loan lender to make on the borrower, if any?

What sort of demands is it reasonable for a home loan lender to make on the borrower? For example, if a first-time home buyer with a FICO score in the 600s relocates to another city and applies for a ...