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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4037
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I got a 1st time home owners loan a couple of years ago. What

Resolved Question:

I got a 1st time home owners loan a couple of years ago. What I got a 1st time home owners loan a couple of years ago. What happens to that loan if we sell the house? Do I have to pay the balance all back at one time?
Submitted: 2 years ago.
Category: Tax
Expert:  Stephen G. replied 2 years ago.

Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

You are talking about a first time homeowner's mortgage on your property?

Customer:

yes

Stephen E. Grizey :

Before you can give "clear title" to your property, the mortgage has to be repaid in full; usually at the "closing" just like when you purchased the property. With a mortgage, the real estate is the security for the loan; when you sell the security, their is nothing supporting the loan except your credit; that would require an interest rate 3 or 4 times higher than a mortgage interest rate;

Stephen E. Grizey :

Questions?

Stephen E. Grizey :

Please remember to rate my responses/answers; that is the only way I get credit for answering your questions.

Customer:

I guess I need to be more specic. My mom and I bought this house togetther, but need to get it off my credit report because even though Mom makes all payments on time, it is hurting my dept ratio. The motgage company said they will take me off the mortgage if I sign a Quick Claim Deed, but I need to know if I will have to pay the !st time home owners loan i recieved on my tax return in 2009 all at one time or just continue to have the payments taken out of my taxes every year?

Stephen E. Grizey :

Oh, you are talking about the 1st time homebuyer's CREDIT on your 2009 income taxes.

Customer:

yes

Stephen E. Grizey :

When did you purchase the house.

Stephen E. Grizey :

the approximatel date

Customer:

november 2008

Stephen E. Grizey :

So you got the credit on your 2008 return that you prepared in 2009, is that what you're saying?

Customer:

yes sir

Stephen E. Grizey :

there were 2 different credits; do you recall which one you received & how much it was?

Customer:

1st time home buyers loan for $3500, witch was half because I am only half owner of the house

Stephen E. Grizey :

You should have started paying the loan back using form 5405 beginning with your 2010 & 2011 returns.

Customer:

yes I have

Stephen E. Grizey :

You will have to repay the balance of the loan all at once on the return for the year of transfer, if you transfer title to your mother.

Customer:

thank you for your help

Stephen E. Grizey :

You don't qualify for any of the exceptions to that rule

Stephen E. Grizey :

Please remember to rate my responses

Stephen E. Grizey :

in order than I can get credit for my work

Stephen E. Grizey :

Thanks very much. SEG

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4037
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 2 other Tax Specialists are ready to help you

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