Questions by users purchasing a home for the first time, and questions relating to the various first-time home buyer credits.
6
votes
3answers
109 views
Save a dollar for house downpayment or put it in an individual 401(k)?
I am a self-employed independent contractor. I'm trying to decide what to do with any extra income I earn over the near future, given that I have the eventual goal of purchasing a house (within 2-3 ...
2
votes
3answers
91 views
How do I account for monthly expenses when calculating how much house I can afford?
I am looking to buy a house (in the US), and I'm using a bunch of online calculators to see how much house I can afford. In each calculator, there's usually a field that asks about monthly debt. What ...
2
votes
1answer
80 views
For qualifying for a mortgage, is it better to have a small business showing a loss or a pay stub with short history in the company?
My fiancee and I are trying to qualify for a mortgage. She is full-time W2 employee and I am a small business owner. My 2012 profit in the business was significantly less then 2011 (more than 20% ...
6
votes
1answer
53 views
How do I report using an IRA distribution to purchase a first home
The tax code allows up to $10,000 to be withdrawn from an IRA (Roth or regular) and put towards the purchase of a first home without having to pay the normal 10% penalty for an early distribution.
...
2
votes
1answer
91 views
Physician Mortgage: What's the advantage of using one, vs. a regular 20% loan?
I'm a software engineer whose bride-to-be will become a medical resident in a few months.
We're confident that we'll live in the area where she'll do her residency.
Looking at a $250,000 house, I'd ...
0
votes
1answer
102 views
How to Split a loan, and how much should be my investment
I am from india, my idea of the question is to understand
what is the loan amount i am entitled to, what should be my plan for applying a loan, and is there any ways to reduce interest rate after a ...
0
votes
1answer
53 views
How is money held in escrow for a home purchase from a IRA treated by the IRS?
I'm in the process of purchasing a home and I need to put 5% of the value down to be held in escrow until the deal closes. This money can then either be refunded back to myself or be rolled into the ...
6
votes
2answers
519 views
Can Roth IRA first time home buyer withdrawals be made up?
If we were to withdraw the annual contributions from our Roth IRAs for the closing costs on a house (we have a 20% down payment, but only recently learned that that's almost $10,000 less than what you ...
0
votes
0answers
111 views
Personal “Profit & Loss Statement” required for mortgage?
I am purchasing a house and have finished most of the process. My mortgage application has been approved pending some documents; all of these documents are typical except for "Profit & Loss ...
7
votes
3answers
254 views
When is the right time to buy a car and/or a house?
I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
4
votes
1answer
158 views
Home rebuilding cost vs “Cost Approach (If Developed)” on appraisal?
I am in the process of buying a home. The lowest cost to rebuild quote I've been able to get is $309,000. I just got my appraisal back today. And it has something call "Cost Approach (If Developed)". ...
11
votes
2answers
314 views
Seller refuses to accept offer on home until after inspection
I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the ...
2
votes
4answers
175 views
How do I know if Home value is likely to go up?
When looking for a home to purchase, I have heard that location is an important factor in determining whether the home value will go up or not.
What things would I need to look for when purchasing ...
10
votes
2answers
185 views
What are the most important things to ask a real estate agent before hiring them?
I've been researching the best ways to search for a home, and questions have come up about real estate agents. Getting a good real estate agent could potentially save you thousands of dollars, but ...
1
vote
1answer
80 views
Are Previous Home Owners Eligible to be Defined As First Time Home Buyers?
According to the U.S. Department of Housing and Urban Development (see link), it seems that previous home owners who haven't owned a home for over 3 years can be defined at as a "first time home ...
7
votes
5answers
413 views
Making an offer on a property - go in at market price?
My roommate and I have talked about purchasing a home together and with interest rates being as low as they are, and the fact that we'd be able to get pre-approved for a good amount we decided to give ...
2
votes
3answers
133 views
Is it worth trying to find a better minimum down payment for a first time home buyer?
I talked to the mortgage agent at my current bank, and they gave me a pre-approval with a particular interest rate and minimum down payment percentage.
I am happy with the interest rate, but the ...
2
votes
2answers
506 views
Advice regarding how much should be in the bank account after downpayment for a bank to give me loan
I am planning to buy a condo in Chicago, IL - USA
Let's say that I am buying a condo worth 250,000 and is FHA approved.
Let's say that I have 70k in my account.
When I pay 20% down, and after ...
8
votes
2answers
150 views
Total fees for buying a house in the U.K.?
I'm thinking about buying a house in the UK (England). It will cost a max of £120,000 GBP.
As an estimate, how much will all the fees total to, when put together?
And apparently for houses less ...
1
vote
2answers
170 views
Is is possible to dispute IRS underpayment penalties?
My wife and I are first-time home-buyers. We misunderstood the concept of mortgage interest deductions and didn't set aside enough taxes throughout the year. When taxes were due, we paid the original ...
7
votes
2answers
335 views
Buying a new home and having 'equity' in it
I viewed a model home that was originally priced at about $207,000. The builder is offering it for $173,000 since it was a model. He says that for this reason the home will already have over $30,000 ...
2
votes
0answers
45 views
HST for a new home in Ontario, a first time home buyer
I am planning to buy a new home for 830,000, what is the HST calculation? Can HST be paid together with the mortgage? Thanks.
4
votes
3answers
128 views
How to find a real-estate agent for buying a first home?
How soon should I find a real-estate agent? I am probably going to buy my first home in September and am assuming I will need an agent. So when should I contact one?
7
votes
1answer
189 views
Repayment of 2010 First-time Homebuyer Tax Credit
My wife and I received the full $8000 first-time homebuyer tax credit when we bought our home in April 2010, but we're now planning to move. According to the IRS, since we've lived here for less than ...
3
votes
2answers
292 views
Can I contribute to my spouse's RRSP to fully take advantage of the Home Buyer's Plan?
My spouse and I plan to eventually use the Home Buyers' Plan when purchasing our first home.
If we combine our RRSP's then we can take out $25,000 each to use as a down payment on our first home.
I ...
4
votes
2answers
3k views
Multiple mortgage pre-approvals and effects on credit score
Background Info: My wife and I are looking to purchase our first home/condo. Given our combined gross annual income of ~$100k and lack of any actual debt, we're looking at properties in the $200-250k ...
8
votes
3answers
542 views
Buying a house, Bank or rent to own?
We currently rent a house. Our credit is ok, but we're working on it (paying things off, disputing things, etc). We are first time buyers. We have a good relationship with the owners. We are thinking ...
1
vote
1answer
65 views
Pay back the 2008 First-Time homebuyers credit with a certain amount?
I repaid 500 on 2010 Tax return for the 2008 First-Time Homebuyers credit, but do I have to pay 500 on each return or just make sure it is paid of within 15 years. For example, can I chose to pay 0 ...
2
votes
1answer
807 views
First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?
My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
5
votes
2answers
338 views
Why would an FHA loan require a loan guarantor to also be a party to the deed?
My daughter is buying a house with an FHA loan but does not have enough income to qualify, so she needs me as a co-signer. The loan originator is claiming that, by FHAs terms, if I am co-signing, I ...
2
votes
2answers
190 views
Good idea to purchase condo with no home owners association?
I'm looking at REO condos on homepath.com (the site for Fannie Mae foreclosures, etc). I'm wondering, is it a good/bad idea to purchase a condo with no home owners association? Most of them have ...
4
votes
2answers
141 views
How to tell if HOA for a prospective condo purchase is financially healthy?
I'm considering purchasing a condo. I live in a major metropolitan area; so I'm almost certainly going to end up in a building maintained by an Home Owners Association (HOA).
As I'm learning the ins ...
7
votes
2answers
92 views
If Case-Shiller offers seasonally-adjusted indices, does that mean there's a good time to buy houses?
Saving up to buy a house in a few years, so right now I'm just watching the market to get a sense of the region. I noticed that the Case-Shiller index has seasonal adjustments, which make sense to me ...
2
votes
1answer
456 views
First Time Home Buyer - How much down payment? Where to go for Mortgage?
I'm currently spending $15,000 a year in rent and gaining nothing in equity! This needs to change :). Looking to buy a place, I'm in the DC area so it'll be in the $500,000 price range.
I have just ...
13
votes
5answers
247 views
What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?
What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?
Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
4
votes
2answers
135 views
Buying first house with help from parents
First of all, it might help you to know I reside in the UK. It might make a difference.
We (my gf and myself) are buying our first house and my parents are willing to help us out.
What has been ...
1
vote
3answers
272 views
How do I calculate the dwelling coverage I need from the information I have?
I have just finished ratifying a contract for a home purchase. Our timeline for getting everything done is fairly tight and I'd like to start getting the homeowner's insurance squared away as soon as ...
6
votes
3answers
279 views
What is the true value, i.e. advantages or benefits, of building up equity in your home?
I am a relatively new home owner, having purchased my first home in October 2009. It was a $315,000 home, purchased with a 5% no-cost loan with I believe 12% down payment. I think the total financed ...
27
votes
7answers
2k views
How big of a mortgage can I realistically afford?
I'm 25, and I'm in the process of closing on a $260,000 mortgage for a very nice condo in downtown Salt Lake City. My salary is $80,000 right now, which I feel is pretty solid, but I'm starting to get ...
9
votes
4answers
699 views
Buying a home with down payment from family as a “loan”
First time here, so please be gentle!
I am thinking of buying a home, and have enough steady income to comfortably afford the monthly payment on the loan. However, I will need help with the down ...
4
votes
5answers
251 views
What should my finances look like at 18?
So, I'm 18, making 50k+ a year. Living at home for now, and thankfully that's not costing me anything. Not going back to school next year, and I have no loans to pay off. Right now, I kinda suck at ...
8
votes
1answer
765 views
First time home buyer: Can you withdraw funds from a Roth 401k for a first time home purchase?
I have a Roth 401k. Soon I will have enough debts paid off that I would like to start building up a down payment for a house. The house purchase will be my first, and will be over a year from now. ...
1
vote
3answers
133 views
What happens to your ability to borrow money based on our joint finances?
We want to borrow money to buy our first home. We will be married soon, and want to know how the combination of incomes, expenses and debts will impact the ability to get a mortgage.
There's the ...
7
votes
5answers
257 views
More money towards down payment versus long-term investments
Background: I am married with no kids (but anticipating them at some point) and no debt at all. My spouse and I have an emergency fund, both fully fund our retirement accounts, and are also keenly ...
4
votes
2answers
194 views
The IRS incorrectly changed my return. Is it too late to do anything about it?
My wife and I purchased a home last year and claimed the first-time homebuyer credit. After filing, we received a notice that our return had been changed, and our refund had been adjusted down exactly ...
4
votes
1answer
162 views
First-Time Homebuyer Credit: Did not get my housing tax credit yet. What should I do?
I feel that my new accountant has dropped the ball. In doing my taxes, he failed to get me and my wife the new home tax credit.
In looking into it, those who never owned a home were to get $8k back ...
14
votes
5answers
891 views
Buy a smaller home now, and buy a bigger home later OR just wait to buy the bigger home later
Option 1:
Buy a smaller house/condo now and later down the road (5-10 years) sell it to buy a bigger place.
Option 2:
Wait, rent (for 5-10 years), and save to buy a bigger place.
Background ...
7
votes
5answers
253 views
First time homeowner and getting a mortgage?
My wife and I are looking to purchase our first house. What is the best approach for finding a mortgage? We're looking for a conventional 30yr fixed (w/10-20% down).
Thanks!
15
votes
5answers
257 views
Is a Home Warranty worth the money?
I'm a first-time homebuyer, and one of the stipulations of the down payment assistance program I have is that I have to buy a home warranty (which covers appliances, plumbing, roof, etc in case of ...
7
votes
3answers
171 views
What criteria should I use to determine if I should become a home owner?
Currently my spouse and I rent a small apartment. Eventually we'd like to expand the family, and a one bedroom rental won't cut it forever - even if we continue renting we'll be expanding to a ...
