Newb here, has a question about first time home buyer

**AGStacker** · 06-30-2011, 04:33 PM

Hello all. Thanks for the help in advance.

I am 25 years old and am looking to buy a smaller/starter home with my fiance. I am going to make this simple. We want the house in either hers or I's name. I like this idea mainly because I believe it limits the liability just in case one of the parties were to get into some type of financial trouble. Of course this person could in fact be the person that owns the home. We would be looking to buy a home in the Gilbert/Mesa, Arizona area. The house would be under 100k and probably more around 65k-85k.

What are my options? Is this a good route? She is done with school and has some debt. Approximately 30k-40k but will be able to pay it off quickly. She works as a hygienist making 36/hour but sometimes does not work full-time during a week. I think we would be looking to get an FHA loan and I think it requires 3% down which is no problem.

Could you just look at my info and say "yeah, this is a good idea" or "no, don't do that" etc? Any help would be appreciated and any advice such as paying a 6% or more down payment. We want to buy it before we get married and have no immediate plans to transfer ownership to both parties when wed.

Thanks again.

Also, given the info would she be able to get qualified easily? If not what would help. I know the info given is limited.

**tttyyy22** · 06-30-2011, 11:17 PM

Yes, ah, this is a good idea...

**realestategirl** · 07-01-2011, 02:05 AM

It is a good idea, but just remember a few pointers:
1. You need to get a credit rating.
2. You need to have enough funds to pay up the mortgage for the first year( a mandatory for people with new or low credit rating)
3. You will need enough money for home improvements.

**Greg** · 07-01-2011, 05:09 AM

The first step in buying a home is to talk to a couple of lenders in the area where you want to buy. Don't sign anything, just tell them what you want to do and answer their questions.

Don't use internet lenders.

From these conversations you will be able to find out if you or your fiance qualify for a loan and how much. The house will be in the name of whoever qualifies for the loan. This is called getting pre-qualified.

Once this process is over a lot of your questions will be answered.

**tttyyy22** · 07-01-2011, 07:48 PM

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**MarticiaLancaster** · 07-04-2011, 06:13 PM

That's a good idea.. But, talking about whom to name the house, think again.. Although you're right when you said that it should be named in either yours or hers because it limits the liability in the event that one of you got into some type of financial trouble. However, in my own opinion, maybe it would be better if you name it in any one of you and then affix the "married to _____________" or could also be "SPOUSES _____ and _________", in the title due to the fact that it's a conjugal property. Let's face the fact that a lot of couples now are going on a separare way after years of marriage, and if ever this case happens to your marrige, you will both have the right for the property when you decided to part ways.

**jessicahunny3** · 07-09-2011, 11:52 AM

Q. I plan to build a home and occupy it in 2009 or early 2010. Can I claim the first-time home buyer credit now and use the funds toward the down payment or other ongoing construction costs?
Q. I entered into a written home construction contract with a home builder before May 1, 2010, and the contract provides for completion of the home before July 1, 2010. Can I take the credit for the construction costs?

Q. How does the allocation provision work when unmarried taxpayers purchase a home together and both qualify for the first-time home buyer credit under different tests? etc