Home and Auto Down payment on house?

Lono · 05-13-2009, 11:26 AM

Was looking for the past thread about the government down payment on first time homeowners. I remember someone said that you dont actually have to be a first time home buyer. How many years can go buy after buying a house to qualify?

**DaFace** · 05-13-2009, 11:29 AM

You can't have owned a house for the past 3 years, IIRC. And it's really not related to down payment - it's just an incentive for buying regardless of how much or how little you put down.

Toadkiller · 05-13-2009, 11:29 AM

I think it is 3.

Lono · 05-13-2009, 11:32 AM

ok, does it come back in actual cash at tax time, or does it go against what you made?

**DaFace** · 05-13-2009, 11:34 AM

Quote:

Originally Posted by Lono

ok, does it come back in actual cash at tax time, or does it go against what you made?

Straight-up credit. Assuming the house you buy is more than $80k, you'd get back $8000 if you owe nothing on your taxes, $7000 if you owe a grand, and $9000 if you are getting a grand as a refund.

**MahiMike** · 05-13-2009, 11:51 AM

FHA down pmt is 3.5%.

There's a new USDA Loan that's 100% but not available in all counties.

Lono · 05-13-2009, 11:51 AM

K thanks man, very helpful info.

shitgoose · 05-13-2009, 12:13 PM

The thing that sucks about the $8000 tax credit.

My wife bought a house more than a year before we got married. We live in that house today but my name is nowhere on the loan and I have never owned a house in my life. We are NOT eligible for the tax credit even if I were to buy the house in my name only with her off of the loan completely.

This is BULLSHIT I tell you!

nstygma · 05-13-2009, 12:23 PM

heads up, anyone buying a house in KC and is a 1st time homebuyer or equivalent can also get an additional $20k from the city for a down payment. $28,000 sounds nice right about now!

bobbything · 05-13-2009, 12:27 PM

Quote:

Originally Posted by nstygma

heads up, anyone buying a house in KC and is a 1st time homebuyer or equivalent can also get an additional $20k from the city for a down payment. $28,000 sounds nice right about now!

Where is there more information on this???

macdawg · 05-13-2009, 12:38 PM

free 28k to buy a house? sounds too good to be true. also the 8k isn't a down payment, you have to put down 3.5% to get an FHA loan, the 8k is a free and clear credit, you won't get that 8k until you file for taxes so you still will need to cash for the 3.5% down payment

nstygma · 05-13-2009, 12:43 PM

yes, but still one could realize a $28k "gain" between the two programs if they meet the requirements

its called the KC Dream program
have a look: http://www.kcmo.org/planning.nsf/web/kcdream

nstygma · 05-13-2009, 12:44 PM

furthermore, here's another link to help find money for buying homes in the area:
http://www.kchomeprograms.com/program/index.php

**Donger** · 05-13-2009, 12:49 PM

Here is the website for the tax credit: http://www.federalhousingtaxcredit.com/2009/index.html

Putting only 3.5% down would scare the crap out of me, but meh.

macdawg · 05-13-2009, 02:04 PM

thanks for the link nstygma that is an impressive offer for those eligible.

05-13-2009, 11:26 AM
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	Down payment on house? Was looking for the past thread about the government down payment on first time homeowners. I remember someone said that you dont actually have to be a first time home buyer. How many years can go buy after buying a house to qualify?
Posts: 812

05-13-2009, 11:29 AM	#2
DaFace Kind of a mod Join Date: Aug 2005 Location: Donkey Land Casino cash: $-1973101	You can't have owned a house for the past 3 years, IIRC. And it's really not related to down payment - it's just an incentive for buying regardless of how much or how little you put down.
Posts: 53,157

05-13-2009, 11:29 AM	#3
Toadkiller Garlic make my feet stank! Join Date: Jan 2009 Location: Washougal, WA Casino cash: $4474921	I think it is 3.
Posts: 2,049

05-13-2009, 11:32 AM	#4
Lono Starter Join Date: Mar 2005 Location: Mo Casino cash: $9903836	ok, does it come back in actual cash at tax time, or does it go against what you made?
Posts: 812

05-13-2009, 11:51 AM	#6
MahiMike He's Mahomie! Join Date: Aug 2001 Location: Jax, FL Casino cash: $10023443	FHA down pmt is 3.5%. There's a new USDA Loan that's 100% but not available in all counties.
Posts: 17,387

05-13-2009, 12:13 PM	#8
shitgoose Veteran Join Date: Jul 2008 Location: Wichita Casino cash: $3792833	The thing that sucks about the $8000 tax credit. My wife bought a house more than a year before we got married. We live in that house today but my name is nowhere on the loan and I have never owned a house in my life. We are NOT eligible for the tax credit even if I were to buy the house in my name only with her off of the loan completely. This is BULLSHIT I tell you! __________________
Posts: 1,642

05-13-2009, 12:23 PM	#9
nstygma Veteran Join Date: Nov 2008 Location: ¿ Casino cash: $6869775	heads up, anyone buying a house in KC and is a 1st time homebuyer or equivalent can also get an additional $20k from the city for a down payment. $28,000 sounds nice right about now!
Posts: 2,237

05-13-2009, 12:38 PM	#11
macdawg Registered User Join Date: May 2006 Casino cash: $10004900	free 28k to buy a house? sounds too good to be true. also the 8k isn't a down payment, you have to put down 3.5% to get an FHA loan, the 8k is a free and clear credit, you won't get that 8k until you file for taxes so you still will need to cash for the 3.5% down payment
Posts: 425

05-13-2009, 12:43 PM	#12
nstygma Veteran Join Date: Nov 2008 Location: ¿ Casino cash: $6869775	yes, but still one could realize a $28k "gain" between the two programs if they meet the requirements its called the KC Dream program have a look: http://www.kcmo.org/planning.nsf/web/kcdream
Posts: 2,237

05-13-2009, 12:44 PM	#13
nstygma Veteran Join Date: Nov 2008 Location: ¿ Casino cash: $6869775	furthermore, here's another link to help find money for buying homes in the area: http://www.kchomeprograms.com/program/index.php
Posts: 2,237

05-13-2009, 12:49 PM	#14
Donger "Think BOOM!" Join Date: Nov 2003 Location: 33.675° N 106.475° W Casino cash: $6789900 VARSITY	Here is the website for the tax credit: http://www.federalhousingtaxcredit.com/2009/index.html Putting only 3.5% down would scare the crap out of me, but meh. __________________ I think the young people enjoy it when I "get down," verbally, don't you?
Posts: 191,141

05-13-2009, 02:04 PM	#15
macdawg Registered User Join Date: May 2006 Casino cash: $10004900	thanks for the link nstygma that is an impressive offer for those eligible.
Posts: 425