$8000 first time home buyer question.?

Question

Is the $8000 first time home buyer credit a good idea if I plan to move to another state in two years. As I understand it I would need to repay the credit plus pay a real estate commission. Also I received a grant to pay closing costs ($5000) Which has a clause that states that I must remain in the home for 5 years.. I have a 100% rural development loan. How much "under water" would I be if I needed to sell in two years or would it be better to let the bank foreclose?

Update:

I haven't done this nor would I ever, but this may be a common question on YA beginning Jan. 2011.

Just wanted to know if anyone would think this could ever happen.

Genuine Guidance · Accepted Answer

Have you already bought the place?

The 8k credit stipulates you have to occupy the house for 3 years, if you don't you would have to pay that back.  Also sounds like your grant would need to be given back too if you don't follow their rules.  

Why on earth would you buy a  house with the knowledge that you need to move possibly in 2 years?

If you haven't bought this place yet, it would be better for you to RENT.  Why you want a foreclosure on your credit report is beyond me.

kryst · Answer

You ought to be a primary time house customer or person who hasn't owned a house within the final three years. Needs to be your predominant house. Must purchase and near the deal among Jan one million, 2009 and Dec one million, 2009. You can both dossier an amended 2008 tax go back to get the credit score this yr..or you'll be able to dossier for the credit score for your 2009 taxes subsequent yr.

knowitall · Answer

You stand a better chance of being charged with mortgage fraud which can mean prison time.  They do not mess around with that for a minute.

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$8000 first time home buyer question.?

3 Answers