I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.
School project.
Hello…
I will be prequalifying for a mortgage in February. I have very good credit but don’t make enough money for me to qualify for the mortgage amount I want. The person that will be living with me and helping to pay the mortgage has terrible credit, but if we could combine our incomes we could get the house we want. Is there any way of having both incomes and only my credit considered? The other person is not a spouse and I am planning on applying with Bank of America. Maybe someone who was in the same situation can help. Thanks in advance
i know the income cap to get the 8k tax credit if filing single is 95k. if i got divorced in dec 08 and filing as head of household the cap for the credit is still 95k or it moves up to 150k ?
My husband and I are first time home buyers, but noticed most programs offered require your salary to be in a certain bracket. We usually exceed that bracket, but who says we don’t want assistant. Any programs for first time buyers without income specifications? We’re in Dallas, Texas area.
I am trying to refinance my existing mortgage on a house in Vienna. But my income is currently from outside the US. Does anyone know any US bank that would make such a loan to me? Thanks.
If we get the $8000 tax credit for buying a home, is this considered taxable income when we file our taxes the following year?
Lets say you have $5000 coming in per month, how much is a safe amount to spend on a mortgage, while still saving some for car payments, other loans, insurance, groceries, emergencies, etc? My dad said a 1/4 of your net income is a good idea per month to spend on your home payments…agree? disagree?
We are wanting to liquidate a mutual fund of 21k, to buy a house for 20k appraised @ 56k. If we do this we will be broke for awhile and would like to take a no income stated mortgage out. Is that possible? Or is it only for people that don’t own their home?
Please let me know if you’ve had this problem or know someone who has. I know it is best to pay the debt beforehand, I just want to know if it is possible to do.
I have a payment arrangement with the IRS and make my monthly payments to them.
Thanks!
Assuming you moved because your job moved you, can you claim the penalty fee paid to the bank for ending your mortgage as a moving expense on your income tax return. If you can claim it, how much can you expect to get back?
Hi,
We closed on a home in Oct 2009. The new extension of tax credit has a income limit of 225k for couples. Will we qualify for that limit or will the limit be 150k for us ? Please let us know.
Thanks
I plan on retiring in a couple of years and then relocating. I will not be working after I retire. Since most mortgage qualifying information revolves around one’s employment income, is it possible to qualify for a mortgage based only on my savings and payments from Social Security?
I want to reduce my taxable income and so I’m thinking of prepaying my gas, electric, water and garbage on my rental property and declaring these expenses on the Schedule E in the 2007 tax return? Allowed even though technically the charges haven’t accrued yet?
It’s me again. I did not know that my mortgage broker lied about my income until he told me after the fact. Yes he admitted it to me.He actually used it to tell me how hard he worked for me to get the loan. The original application was filled out in my home with one of his associates and I did not lie. I have requested copies of my file and applkication from him and he threatened me with an attorney. At one point he offered to get me out of this mess and blamed GMAC for putting me in the wrong loan. (they had my social wrong and he tried to tell me that i got someone elses terms). All he did was lie. I am not to blame. How can I get my file?
