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Old 05-13-2009, 11:26 AM   Topic Starter
Lono Lono is offline
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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?
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Old 05-13-2009, 11:29 AM   #2
DaFace DaFace is offline
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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.
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Old 05-13-2009, 11:29 AM   #3
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Old 05-13-2009, 11:32 AM   #4
Lono Lono is offline
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ok, does it come back in actual cash at tax time, or does it go against what you made?
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Old 05-13-2009, 11:34 AM   #5
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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.
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Old 05-13-2009, 11:51 AM   #6
MahiMike MahiMike is offline
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FHA down pmt is 3.5%.

There's a new USDA Loan that's 100% but not available in all counties.
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Old 05-13-2009, 11:51 AM   #7
Lono Lono is offline
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K thanks man, very helpful info.
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Old 05-13-2009, 12:13 PM   #8
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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!
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Old 05-19-2009, 05:57 AM   #9
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Originally Posted by shitgoose View Post
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!
Same thing with my wife. Except I am the homeowner.
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Old 05-13-2009, 12:23 PM   #10
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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!
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Old 05-13-2009, 12:27 PM   #11
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Originally Posted by nstygma View Post
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???
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Old 05-13-2009, 12:38 PM   #12
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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
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Old 05-13-2009, 12:43 PM   #13
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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
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Old 05-13-2009, 11:59 PM   #14
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Originally Posted by nstygma View Post
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
WTF!!! Why did I have to buy a house in Olathe. 28K. Really?
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Old 05-14-2009, 12:13 AM   #15
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WTF!!! Why did I have to buy a house in Olathe. 28K. Really?
yep i'm seeing a lot of it in NKC in platte and clay county. it works no matter what county as long as its in the city limits. you can get the best $150k house you can find and your mortgage is only $130k and you get the tax credit later. nice huh
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