Comments on: Frequently Asked Questions About the Extended First-Time Home Buyer Tax Credit http://blog.northropteam.com/2009/11/19/frequently-asked-questions-about-the-extended-first-time-home-buyer-tax-credit/ Maryland real estate news presented by The Creig Northrop Team with Long & Foster Real Estate, Inc. Fri, 04 Dec 2009 17:41:25 +0000 http://wordpress.com/ hourly 1 By: Creig Northrop http://blog.northropteam.com/2009/11/19/frequently-asked-questions-about-the-extended-first-time-home-buyer-tax-credit/#comment-395 Creig Northrop Fri, 04 Dec 2009 16:20:09 +0000 http://blog.northropteam.com/?p=459#comment-395 Nancy, please see the response below from our in-house Prosperity Mortgage Lender, <a href="http://www.mathewslendingteam.com" rel="nofollow">Michelle Mathews</a>. I hope this information helps! <blockquote>It would depend if they claimed as their primary residence or not. If they wrote off interest as primary residence, then probably not. If they refinanced this, and did not live in the property, and claimed as a second home or investment, and haven't owned any principal residences in the past 3 years, then yes, they may be eligible for the credit. I would advise you to check with an accountant as each person's situation is slightly different.</blockquote> Nancy, please see the response below from our in-house Prosperity Mortgage Lender, Michelle Mathews. I hope this information helps!

It would depend if they claimed as their primary residence or not. If they wrote off interest as primary residence, then probably not. If they refinanced this, and did not live in the property, and claimed as a second home or investment, and haven’t owned any principal residences in the past 3 years, then yes, they may be eligible for the credit. I would advise you to check with an accountant as each person’s situation is slightly different.

]]> By: Nancy Oakley http://blog.northropteam.com/2009/11/19/frequently-asked-questions-about-the-extended-first-time-home-buyer-tax-credit/#comment-392 Nancy Oakley Wed, 02 Dec 2009 18:22:49 +0000 http://blog.northropteam.com/?p=459#comment-392 After my husband died, my sons took over the mortgage of my house. They actually refinanced the mortgage from the balance owed and they are now paying it. Would they qualify as a first time homebuyer? The house has been their only family home. So, I guess my question is since they have never purchased a home but are paying a mortgage can they be considered as a first time buyer? After my husband died, my sons took over the mortgage of my house. They actually refinanced the mortgage from the balance owed and they are now paying it. Would they qualify as a first time homebuyer? The house has been their only family home. So, I guess my question is since they have never purchased a home but are paying a mortgage can they be considered as a first time buyer?

]]> By: Frequently Asked Questions About the Home Buyer Tax Credit for Members of the Military « Maryland Real Estate News http://blog.northropteam.com/2009/11/19/frequently-asked-questions-about-the-extended-first-time-home-buyer-tax-credit/#comment-378 Frequently Asked Questions About the Home Buyer Tax Credit for Members of the Military « Maryland Real Estate News Thu, 19 Nov 2009 20:49:40 +0000 http://blog.northropteam.com/?p=459#comment-378 [...] service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home [...] [...] service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home [...]

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