Sentences with phrase «qualified as their primary residence»

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

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.

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

However, you can buy a two, three, or four - unit property that will still qualify as a primary residence so you can use a primary residence loan to get.

Not exact matches

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.

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.

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.

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.

• 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 qualifAs long as you occupy the home as your primary residence, your single family home could qualifas you occupy the home as your primary residence, your single family home could qualifas your primary residence, your single family home could qualify.

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.

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

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).

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

Except for fuel cells (which must be installed in your primary residence to qualify), the credit can be used for items installed in vacation or second homes as well.

(Sec. 203) Authorizes states to provide to the owner of a manufactured home constructed prior to 1976 a rebate to use toward the purchase of a new Energy Star qualified manufactured home that is used on a year - round basis as a primary residence.

This means that a disaster such as a flood qualifies as a covered reason for cancelling your trip when your primary residence (or your destination residence) is so badly damaged that it's unsuitable for living in.

I think that to qualify as an owner occupier, you would need to make that house your primary residence.

@Account Closed IRC sec 121 states that as long as you use the property as your primary residence for an aggregate period of 24 months in the past 5 years, you qualify for the capital gains exclusion.

Multifamily homes can also qualify if they have no more than four units and the borrower is using one of the units as his primary residence.

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.

Once you have lived in and used it as your primary residence for at least 24 months you can sell the property and qualify for the 121 tax - free exclusion.

The guidance provides specific safe harbor language that clarifies when your vacation home, second home or primary residence that was converted to investment property would be considered as «qualified use property» and therefore qualify for 1031 Exchange treatment pursuant to Section 1031 of the Internal Revenue Code.

You will only qualify for a partial tax - free exclusion since the property was held and used as investment property prior to you converting it into your primary residence.

The main requirement is that the qualifying borrower must live in one of the units as their primary residence.

Condos and houses must be investment properties in order to qualify; they can not be used as the owner's primary residence.

To qualify for an MCC, the home you buy must be your primary residence and you must be a first - time homebuyer (defined as not having owned a principal residence at any time in the last three years).

If you are the only one on title, then you won't qualify for the Section 121 capital gain exclusion until you complete two years occupancy as a primary residence.

You are active - duty military You were separated from military service in a situation «other than dishonorable discharge» As a veteran or active military, you meet specific length - of - service requirements You are a reservist or a member of the National Guard You are a qualified surviving spouse of a deceased veteran In addition, there are these requirements: The home must be your primary residence You must have a valid certificate of eligibility from the VA

Qualifying can be easier than for a conventional mortgage — You must meet the age requirements, have enough equity in your home, live in the home as your primary residence, the home must meet FHA property standards, and you must meet financial eligibility criteria as established by the U.S. Department of Housing and Urban Development (HUD).

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

The sale of real property that was originally purchased by you as investment property, was NOT part of a prior 1031 exchange transaction, and was subsequently converted into your primary residence will qualify for 121 exclusion treatment.

As such, an investor's primary residence would not qualify for purposes of a 1031 exchange.