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Thread: House deed question     submit to reddit submit to twitter

  1. #1
    You wouldn't know that though because you've demonstrably never picked up a book nor educated yourself on the matter. Let me guess, overweight housewife?
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    House deed question

    So my mom has been visiting and seems determined to make sure that things are taken care of for whenever she passes now that my father is gone (God willing not anytime soon).

    She wants to put my sister and myself on the deed to the house so it wouldn't have to go through probate or w/e.

    If she does this, does this mean I would no longer be eligible for any first time home buyer assistance states/fed give out?

    On the one hand, that would be considered my first home with my name on the title, so I would think not. But on the other hand no money or exchanges were made in the process. I wanted to make sure because she wants to do it as soon as she gets back to CT.

  2. #2
    Art Connesseur of Blue Gartr
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    Don't have any specific input to the question, but you might want to also toss this up on reddit. I'm sure there's a homeowners/property owners sub, if you haven't already!

  3. #3
    Pandemonium
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    In most cases, no, you would not be considered a first-time buyer, and you would no longer qualify for such benefits.

    If you want to know definitively without paying a lawyer, I can ask a broker for you, but I am very sure the answer is going to be no. You may find a lender who would make an exception, but that would not be guaranteed.

    http://www.realtor.com/advice/do-i-q...me-home-buyer/

  4. #4
    You wouldn't know that though because you've demonstrably never picked up a book nor educated yourself on the matter. Let me guess, overweight housewife?
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    Quote Originally Posted by Kohan View Post
    In most cases, no, you would not be considered a first-time buyer, and you would no longer qualify for such benefits.

    If you want to know definitively without paying a lawyer, I can ask a broker for you, but I am very sure the answer is going to be no. You may find a lender who would make an exception, but that would not be guaranteed.

    http://www.realtor.com/advice/do-i-q...me-home-buyer/
    hmm I will need to look into it.

    per your link:

    However, you may be able to fall in a loophole if your name is only on the deed. I have had a similar situation with a client and she was able to buy as a first time homebuyer and qualify at that time for the rebate. The loophole was she had never had a mortgage linked to her name or social.
    Her house is paid off so there would be no mortgage.

  5. #5
    Pandemonium
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    Yes, there is a chance that a lender may make an exception, as noted there. It's far from a sure thing, though.

  6. #6
    I Have The Clap Again
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    Most any lawyer if you know them (aka hired them before) will tell you the answer for free.

  7. #7
    You wouldn't know that though because you've demonstrably never picked up a book nor educated yourself on the matter. Let me guess, overweight housewife?
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    Quote Originally Posted by Titanss View Post
    Most any lawyer if you know them (aka hired them before) will tell you the answer for free.
    I don't know any lawyers lol.

  8. #8
    The Shitlord
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    not all of us are intimate with the justice system tits

  9. #9
    If you stopped to actually learn something you might not post these uninformed posts.
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    You can get a good loan on a new house by taking your 1/3 as security for that loan.

  10. #10
    Sleep Deprived Galka BLM
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    Quote Originally Posted by test123 View Post
    You can get a good loan on a new house by taking your 1/3 as security for that loan.
    Yeah, just put your family home up as collateral. That's never gone wrong before.

  11. #11
    E. Body
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    Considerations
    Any person who has not owned a principal residence in three years qualifies as a first-time home buyer under FHA guidelines. It does not matter if the previous home was sold or foreclosed on. It also does not matter if the person has recently owned an investment property. If a person does not qualify on their own, but his spouse does, then they both qualify as first-time home buyers.
    http://homeguides.sfgate.com/conside...uyer-7808.html

  12. #12

    You don't want to fuck with FHA anymore anyways. The recently changed the mortgage insurance rules. It used to be that you were responsible to pay mortgage insurance until you owned 20% of the property. Now you have to pay mortgage insurance for the life of the loan.

  13. #13
    Puppetmaster
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    First time home buyer's program and down payment assistance programs are usually given to those with no assets or money at all but can make monthly mortgage payments. FHA loans are awful as well. They were better than conventional loans but now the fees and mortgage insurance are higher and for the life of the loan. Go conventional with 10% or 20% down payment and you'll get a better deal. I bought my house last year thinking I would qualify for the programs but I had too much savings and too much on my 401k.

  14. #14
    She Shoots For The Stars
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    I checked, this could be a bad move. Make sure your mom knows teh consequences: Article here.

    Seems she could trigger a gift tax, which could well. Do I need to tell you? You really need to talk to some lawyers and make sure.

  15. #15
    Member since 2006 and still can't think of a title.
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    Check with lawyers, but I don't believe my Dad, Aunt, and Uncle got nailed with a gift tax when my grandmother passed away and left her house to them. But they also did some weird stuff and took out a mortgage (the house was paid) to buy out my dad's 1/3 of the house.

  16. #16
    You wouldn't know that though because you've demonstrably never picked up a book nor educated yourself on the matter. Let me guess, overweight housewife?
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    It looks like maybe she should do an estate trust. I thought those were only for rich people though. D:

  17. #17
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    No, the way I understand it, trusts are not just for rich people. I've heard of that being done with houses before, mostly to keep Medicaid from grabbing the house. (and yes, if she has to go to a nursing home ever, when she dies that can happen if nothing is done, which is proly why my grandma didn't want to go to a nursing home, tho personally; if I can get out of the current mess i'm in (don't ask) I mean to plan better than she did; I do not want to be a burden on my family if I end up how she did) This may be what your mom wants to avoid, so do your research. I admit I did b/c well..when Grandma had that fall that eventually killed her (it was the aftermath of the fall that killed her; she basically gave up living) it was terrible. She ended up going on hospice and dying here at our house. Luckily she got what she wanted (we have the house) but..It was hell for us since she was not a easy person to live with, she ended up being a terrible patient (and I have CNA training so I was able to do a lot).

  18. #18
    I Am, Who I Am.
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    The whole first time buyer thing only applies to low-income kind of stuff though.
    When we bought our house we didnt qualify because we were told we could afford at least 20% down.

  19. #19

    Sweaty Dick Punching Enthusiast

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    Trixi is right when it comes to state assistance credits. Don't worry too much about federal credits for first time home buyers; they are long gone. I don't even teach that audit program to new hires anymore because you'll never see it unless you're working a non-filed return from like 2008-2010.

  20. #20
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    Keep in mind it's unlikely you can just switch the names on the deed. Your mom would probably have to pay gift tax on the house which is not cheap.

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