First time home buyer tax credit
01-20-2010, 02:10 PM
#41
Senior Moderator
I remember telling you the same thing. Seriously, it's so frustrating. I can't wait till keys are in hand and we don't have to deal with this anymore.
Customer service should be sooo much better from these banks.
01-20-2010, 02:11 PM
#42
is learning to moonwalk i
^^ Just to make you guys feel a little better, I think everyone has to jump through 10x as many hoops as we did 5+ years ago. I had to provide more info and paperwork on the house loan than I did on my original condo loan, two refinances and a HELOC, combined. Next thing they will do is require a psych evaluation and hypnotherapy to make sure you plan on paying the loan.
But once it's over, you can relax for a long time.
But once it's over, you can relax for a long time.
01-20-2010, 02:20 PM
#43
Senior Moderator
If they did a psych evaluation right now, I'd probably freak out on them.
My other half did lose his cool the last time he spoke to them on the phone. It takes a lot for him to do that, but it was just the last straw for him and he ended up telling them off and said if they don't get their shit together, he's going to end the process with them and go to another bank. About a minute after he got off the phone with that person, the broker lady called and told him it's almost over and to just get the last of the stuff that they want. She pretty much called him to smooth things over.
We just need to keep it together for one more week.
My other half did lose his cool the last time he spoke to them on the phone. It takes a lot for him to do that, but it was just the last straw for him and he ended up telling them off and said if they don't get their shit together, he's going to end the process with them and go to another bank. About a minute after he got off the phone with that person, the broker lady called and told him it's almost over and to just get the last of the stuff that they want. She pretty much called him to smooth things over.
We just need to keep it together for one more week.
01-21-2010, 01:02 PM
#44
Senior Moderator
Just got another call. Wells Fargo is giving us a hard time about something else now and they want it resolved TODAY. Neither of us can deal with this today. I can't believe they are doing this with closing literally 5 business days away. They've had all this paperwork for several weeks now, and yet they bring up this crap so close to the end. God help us.
01-21-2010, 02:44 PM
#46
is learning to moonwalk i
Luv - Only a few more days of hassle. Don't let it get to you. Once it's over all you'll have to worry about are your mortgage payments and taxes. 
We had to resend many things, even up to the day of closing. We did most of our paperwork electronically, scanning and e-mailing everything, so we had records of what we sent and when. Unfortunately, that doesn't really matter when they say "We need it now or your closing might get delayed." They screw up and it's your "responsibility" to fix it.
We had to resend many things, even up to the day of closing. We did most of our paperwork electronically, scanning and e-mailing everything, so we had records of what we sent and when. Unfortunately, that doesn't really matter when they say "We need it now or your closing might get delayed." They screw up and it's your "responsibility" to fix it.
01-21-2010, 02:47 PM
#47
Senior Moderator
Issues with a check that they want to confirm came from a certain account. I can't get into all the details, but it's a major PITA because my bf is not at home to deal with this today and now WF wants a bank statement for that account from the past 30 days. It's not his account, either, so it's not like either of us can go in and get the statement.
FML
He's all upset. I told him we'll handle it as soon as we can, and if the closing has to be delayed a few days, then so be it. We just don't want them to deny the mortgage because he'll be out $16,000 and a lot of time, plus we risk losing the house. Everyone is PISSED....the lawyer, real estate agent, us, bf's parents, etc. WF sucks ass.
FML
He's all upset. I told him we'll handle it as soon as we can, and if the closing has to be delayed a few days, then so be it. We just don't want them to deny the mortgage because he'll be out $16,000 and a lot of time, plus we risk losing the house. Everyone is PISSED....the lawyer, real estate agent, us, bf's parents, etc. WF sucks ass.
01-21-2010, 02:48 PM
#48
Senior Moderator
Luv - Only a few more days of hassle. Don't let it get to you. Once it's over all you'll have to worry about are your mortgage payments and taxes.
We had to resend many things, even up to the day of closing. We did most of our paperwork electronically, scanning and e-mailing everything, so we had records of what we sent and when. Unfortunately, that doesn't really matter when they say "We need it now or your closing might get delayed." They screw up and it's your "responsibility" to fix it.
We had to resend many things, even up to the day of closing. We did most of our paperwork electronically, scanning and e-mailing everything, so we had records of what we sent and when. Unfortunately, that doesn't really matter when they say "We need it now or your closing might get delayed." They screw up and it's your "responsibility" to fix it.
Exactly. I can't believe you were sending things in until the day of closing. That better not happen, because my bf's work schedule does not allow for that.
01-21-2010, 02:55 PM
#49
Senior Moderator
Regional Coordinator
(Mid-Atlantic)
Regional Coordinator
(Mid-Atlantic)
iTrader: (6)
Ugh, buying a house is such a stressful nightmare, hang in there Jackie 
01-21-2010, 03:02 PM
#51
Earth-bound misfit
I'm so sorry. You two should trade massages tonight over a bottle of wine.
01-21-2010, 03:05 PM
#52
Senior Moderator
He's working tonight and I'm going to the gym. I'll try to get some frustrations out there, but at this point, my body feels like jello from all the stress.
01-21-2010, 03:37 PM
#53
Ugh. Sucks! I wonder why they want statements from the unrelated account?? WF only cared about my accounts.
If the selling party and all involved is reasonable, having closing delayed by a few days shouldn't be the end of the world.
That was my only saving grace. The selling party (some no-name bank) was happy that the house was going to sell, so they were fine when at the LAST MINUTE my closing was delayed A WEEK!
The lending process has gone so extreme now...it's nuts.
If the selling party and all involved is reasonable, having closing delayed by a few days shouldn't be the end of the world.
That was my only saving grace. The selling party (some no-name bank) was happy that the house was going to sell, so they were fine when at the LAST MINUTE my closing was delayed A WEEK!
The lending process has gone so extreme now...it's nuts.
01-21-2010, 03:41 PM
#54
Senior Moderator
Well, the check came from that account and while it's not his account, I guess they just want to make sure that the money came from legitimate means. We don't launder money and we aren't terrorists. 
Just a huge PITA all around.
Just a huge PITA all around.
01-21-2010, 03:44 PM
#55
is learning to moonwalk i
They also probably want to verify that this money is not a loan that might affect your ability to repay the mortgage. But since you mentioned he is putting 50% down, they should be bending over backwards for your business.
01-22-2010, 08:43 AM
#56
The Box
Thread Starter
02-25-2010, 05:04 PM
#57
is learning to moonwalk i
The Homebuyer Credit rules are complete bull$hit!
I have owned a property for over 7 years and lived in it for all of those years. The requirements for the Long-Time Homeowner credit is that you live in that property for 5 consecutive years out of the last 8. I meet that requirement.
But, for some reason, since my wife only lived in the house for about 4 of those years, we are disqualified. Seriously? WTF? The idea behind the credit was to spur new home purchases. We did just that.
Here are a couple of items in the Q&A on the IRS website:
Some of these rules just seem arbitrary, especially when you consider that you don't even have to be a current homeowner to qualify.
/
We weren't counting on the credit when we started looking for a house or even when we made our offer, but the credit went into effect while we were in escrow and it seemed like we would qualify. Now it's taken away. Anyone have a small plane I can borrow?
I have owned a property for over 7 years and lived in it for all of those years. The requirements for the Long-Time Homeowner credit is that you live in that property for 5 consecutive years out of the last 8. I meet that requirement.
But, for some reason, since my wife only lived in the house for about 4 of those years, we are disqualified. Seriously? WTF? The idea behind the credit was to spur new home purchases. We did just that.
Here are a couple of items in the Q&A on the IRS website:
Q. I am a long-time resident (have owned and used my current home as a principal residence for five consecutive years out of the eight-year period ending on the date of purchase of the new residence) but my spouse has lived there for only three years. Can we qualify for the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both spouses must have owned and used the same previous principal residence for five consecutive years out of the 8-year period ending on the date of purchase of the new principal residence to qualify for the credit. (12/14/09)
Q. I am a long-time resident and current homeowner and my spouse is a first-time homebuyer (has had no ownership interest in a principal residence during the three-year period ending on the date of purchase of a new principal residence) and we purchased a new principal residence. Can we qualify for either the first-time homebuyer credit or the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both you and your spouse must be first-time homebuyers in order to qualify for the first-time homebuyer tax credit. Since you had an ownership interest in a principal residence during the three-year period ending on the date of purchase, neither you nor your spouse qualifies for the credit. Similarly, both you and your spouse must be long-time homeowners of the same previous principal residence in order to qualify for the long-time resident homebuyer credit. Since your spouse is not a long-time homeowner of your current principal residence, neither of you qualify for the credit. (12/14/09)
Q. I am a long-time homeowner of a principal residence and my spouse is a long-time homeowner of a different principal residence. Can we qualify for the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both spouses must have owned and used the same previous principal residence for five consecutive years out of the eight-year period ending on the date of purchase of the new principal residence to be eligible for the credit. Since you and your spouse owned and used different principal residences, neither of you qualify. (12/14/09)
A. No. Both spouses must have owned and used the same previous principal residence for five consecutive years out of the 8-year period ending on the date of purchase of the new principal residence to qualify for the credit. (12/14/09)
Q. I am a long-time resident and current homeowner and my spouse is a first-time homebuyer (has had no ownership interest in a principal residence during the three-year period ending on the date of purchase of a new principal residence) and we purchased a new principal residence. Can we qualify for either the first-time homebuyer credit or the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both you and your spouse must be first-time homebuyers in order to qualify for the first-time homebuyer tax credit. Since you had an ownership interest in a principal residence during the three-year period ending on the date of purchase, neither you nor your spouse qualifies for the credit. Similarly, both you and your spouse must be long-time homeowners of the same previous principal residence in order to qualify for the long-time resident homebuyer credit. Since your spouse is not a long-time homeowner of your current principal residence, neither of you qualify for the credit. (12/14/09)
Q. I am a long-time homeowner of a principal residence and my spouse is a long-time homeowner of a different principal residence. Can we qualify for the long-time resident homebuyer credit if we purchase a new principal residence?
A. No. Both spouses must have owned and used the same previous principal residence for five consecutive years out of the eight-year period ending on the date of purchase of the new principal residence to be eligible for the credit. Since you and your spouse owned and used different principal residences, neither of you qualify. (12/14/09)
/
We weren't counting on the credit when we started looking for a house or even when we made our offer, but the credit went into effect while we were in escrow and it seemed like we would qualify. Now it's taken away. Anyone have a small plane I can borrow?
02-25-2010, 07:58 PM
#59
is learning to moonwalk i
We actually do file separately. That will probably change for 2010 taxes. But it doesn't make a difference. I was considering applying for it and just accept the fact that it might not go through, but that would delay my refund and could also flag me for an audit. Not worth the risk.
08-11-2011, 04:13 PM
#62
Bent = #1
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