Sentences with phrase «primary residences qualified»

Vacation homes or investment properties that were converted to primary residences qualified for this treatment as well.

Only the primary residence qualifies for this loan.

Not exact matches

The mortgage must also be for a residence that is a qualified home, meaning it is the owner's primary home or a second home, with certain stipulations on its usage when not occupied by the owner.

In general, to qualify as an Accredited Investor, individuals must have a net worth of more than $ 1 million (excluding their primary residence), or gross income for each of the last two years of at least $ 200,000 ($ 300,000 jointly with their spouse) with the expectation of a similarly qualifying income during the current year.

In order to qualify for an FHA cash - out refinance, your home had to have been your primary residence for the past 12 months.

To qualify, you must have owned and used the home as a primary residence for at least two years out of the five years leading up to the sale.

Note: This checklist assumes you're a qualified borrower who's getting a mortgage on his / her primary residence, with provable income and decent credit.

Of course, one can qualify as your primary residence, too.

Sometimes called Rural Housing Loan this is a program guaranteed by United States Department of Agriculture for a buyer's primary residence in a qualified USDA area who meets USDA income eligibility requirements.

To qualify for this type of loan the youngest borrower on title must be at least 62 years of age, the home must be the borrower's primary residence, and the home must have sufficient equity.

In order to ensure that borrowers have sufficient equity and / or reserves to support both the existing financing and the new mortgage being originated, the following guidelines are required for qualifying borrowers purchasing a new Primary residence when the current Primary residence is pending sale or they are converting their existing Primary residence to a second home or investment property.

While I was trying to get my current primary residence refinanced, I was told that I will not qualify for refi as a primary residence in lieu of the ratified contract on another house as primary residence.

The home mortgage that you are struggling to pay must be on your primary residence, meaning that vacation homes and other secondary residences do not qualify for modification under this legislation.

EDIT: I do not qualify for the primary residence exclusion.

In order to qualify, borrowers must be delinquent on their mortgage and their home must be their primary residence.

To qualify for a loan modification, the house facing foreclosure must be your primary place of residence.

California, for instance, allows qualified disabled veterans to receive a property tax exemption on the first $ 196,262 of their primary residence if their total household income does not exceed $ 40,000 and the veteran is 100 percent disabled as a result of service.

If you fail to meet IRS qualifications for your primary residence and must relocate due to uncontrollable circumstances such as a decrease in income or a job transfer, you may still qualify for a partial tax exemption on your home sale profits.

To qualify for a principal reduction, the home must be your primary place of residence and you owe more on the mortgage that what the home is worth.

If you purchased and closed on a primary residence before September 30, 2010, and are a «first - time» homebuyer, you can qualify for a tax credit of 10 % of the purchase price up to $ 8,000.

In general, a borrower may not use prospective rental income from a primary residence they vacate to qualify for the purchase of another primary residence with an FHA loan.

For more on what qualifies as a primary residence, please see my previous column on the matter.

That means that even a cottage you use in the summer can qualify as a primary residence.

• Be a citizen of US, US non-citizen or other Qualified Alien • Property must in designated rural area • Have income less than 115 % of the median income in the county • Must occupy the dwelling as primary residence • Must have the legal / financial capacity to incur loan obligations • Shouldn't be suspended or disqualified from participation in federal programs • Establish will to timely meet credit obligations

To qualify, you must have resolved the cause of default (for example, if you lost your job, you must have found a new one), and you must continue to use the home as a primary residence.

Unlike a traditional mortgage, home equity loan, or home equity line of credit (HELOC), a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.3 The loan proceeds are not taxed as income, or otherwise, 4 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.3

Thus, second homes and vacation homes do not qualify, as neither property is the borrower's primary residence.

As long as you occupy the home as your primary residence, your single family home could qualify.

Qualified homeowners hoping to refinance and take advantage of today's extremely low current mortgage rates have been given a boost by Citigroup's announcement to lend $ 1 billion in mortgage loans on primary residences.

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.

Last year 4,343 Texas homeowners tapped into their home equity using a reverse mortgage loan.3 Unlike a traditional mortgage, a reverse mortgage allows senior homeowners to access a portion of their equity without ever having to make a monthly mortgage payment.4 The loan proceeds are not taxed as income, or otherwise, 5 and do not become due until the last borrower or qualifying non-borrowing spouse no longer occupies the home as their primary residence.

If you are considering a home located in an eligible rural area for your primary residence, you could qualify for a USDA Rural Development Mortgage.

If you qualify for a HomeOne Mortgage, one of the buyers must be a first - time homebuyer and all borrowers must occupy the primary residence.

To qualify for the HECM for purchase, you must be age 62 or older, and your new home must be your primary residence, meaning that you will live in the home more than six months per year.

Many people have discovered that they qualify for rates on their primary residence that are less than five percent.

In order to qualify for an FHA cash - out refinance, your home had to have been your primary residence for the past 12 months.

Individuals or families who plan to occupy a home located in an eligible rural area as their primary residence may qualify for a USDA Rural Development home loan.

To qualify for a reverse mortgage, borrowers must be at least 62 years of age, own their home and occupy it as their primary residence (among other requirements).

To qualify for mediation, the home must be your primary residence and the party who files for mediation must be listed on the NOD.

The basic facts about reverse mortgages are that you must be age 62 years or older to qualify, you must own your home, and the home must be your primary residence.

FHA Single Family Mortgage Insurance Program Through this program, HUD's Federal Housing Administration (FHA) insures mortgages made by qualified lenders to people purchasing or refinancing a primary residence.

Qualified VA borrowers can purchase up to a four - unit property provided they live in one of those four as their primary residence.

Although technically not a marriage bonus, some newly married couples buy their first home and qualify for several new tax deductions, including all closing costs and any interest paid on a mortgage for a primary residence.

Conceivably, a home bought as a primary residence and later converted for use as a rental could qualify for an IRRRL.

In addition, they must also use the home as their primary residence to qualify for the refinancing.

Sullivan explains that homeowners who make energy - efficient improvements to their primary residences can reduce their taxes by 30 % of the cost of the qualified alternative energy equipment installed on or in their homes.

After two years their vacation home qualified as their primary residence.

You'll also be required to pay off the loan within 5 years unless you're buying a primary residence (which may qualify for a longer payback schedule).

If it was your primary residence, you have to convert it to a rental property for at least two years before it will qualify for a 1031 exchange.

If we build a new primary residence on property that we own in another state (PA) before closing on the current residence, will we still qualify for the $ 500,000 exemption from capital gains?