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Finally after 4 long months my score was high enough to get approved for the USDA Rural Development loan. In Sep. I started out with exp:637:eqx 581; and tu:523. The day after Christmas I found out my scores were exp:647; eqx:632; and tu:640. I went broke getting those scores up,and the Credit repair service I hired was well worth the money. They were referred to me by the mortgage broker who helped me to aquire my loan. So this is the point,I went broke getting my credit cleaned up to acquire the loan thinking I would get the 1st time homeowners tax credit when I filed my 2009 tax returns. I was married during 2009 so I have to file married filing separate on my tax return. I'm not closing on my house until after my divorce is recorded on the 26th of this month. I was told by the IRS that if I applied for the tax credit for 09 I would only receive half of the credit because of my filing status and to receive the full credit I would have to wait until 2011 when my filing status will be single. Without that tax credit coming as I had expected,I'm in a bind now financially. Now I won't have the cash I need to settle right into the house,things like appliances and furniture,etc. Because my credit is only fair I'm afraid to continue to have my credit check or open any new accounts. The scores are good enough to buy a house but not good enough to purchase household goods. Any suggestions on what I can do to tie me over until 2011. How long do you have to be in your home to get an home equity loan or a HELOC? Is it even a option or a good idea? How does it work?
I haven't closed yet. I won't close until after my divorce is final which is the 26th of this month,because I am returning to my maiden name and had all of the paperwork and title put in my maiden name. Once the divorce is recorded at the courthouse then I'll close. everything is done we're just waiting on my name to legally change back. wasn't going to file taxes until after divorce
Do not take this to harshly, but why would you have ever thought you would get the tax credit back right away if you have not bought a house yet. Obviously if you purchase in 2010, you can not file for the credit until you do your 2010 taxes (in early 2011). Dont wory about furniture, etc. Buy some used furniture and appliances of craigslist or something and get by for the next year. If you are that tight on cash, buying that type of stuff should nor be a priority. You should build up a reserve fund for repairs, etc. Get some cheap stuff to get you buy for the first year, and then next year worry about upgrading.
And no, trying to get a HELOC would probably not be possible right now. You may be able to get a home depot or lowes card ro something for appliances, but I would pass on that and just get by for the first year. In our first year of ownership, we had to put at least 3K into the house for necessities (water heater exploded, sprinkler system leak, wiring issue, etc). Worry about what you need right away, not what you want to get. Then you can build up to that. If all goes well, you can get all that stuff next year with your refund.
@Anonymous wrote:Do not take this to harshly, but why would you have ever thought you would get the tax credit back right away if you have not bought a house yet. Obviously if you purchase in 2010, you can not file for the credit until you do your 2010 taxes (in early 2011). Dont wory about furniture, etc. Buy some used furniture and appliances of craigslist or something and get by for the next year. If you are that tight on cash, buying that type of stuff should nor be a priority. You should build up a reserve fund for repairs, etc. Get some cheap stuff to get you buy for the first year, and then next year worry about upgrading.
And no, trying to get a HELOC would probably not be possible right now. You may be able to get a home depot or lowes card ro something for appliances, but I would pass on that and just get by for the first year. In our first year of ownership, we had to put at least 3K into the house for necessities (water heater exploded, sprinkler system leak, wiring issue, etc). Worry about what you need right away, not what you want to get. Then you can build up to that. If all goes well, you can get all that stuff next year with your refund.
Splitting hairs, but the OP really could receive the credit right away by amending her 2009 return using new form 5405, but as she stated, the 'Married Filing Separately' status would result in her only receiving half the credit. OP, you might just check around to see if there's any way around this given your situation (home being purchased post-dissolution of marriage), but I'm guessing they're going to tell you to claim it with your 2010 return. Sorry to hear it sounds like 2009 was a year to put behind you. Good luck.
This new home will be a fresh start for you. Stinks that in order to get the credit you have to wait so long. Although hopefully the system for the credit is better and you can efile for it. Even if you could ammend your 2009 it could be a long wait anyway as you have to mail them in.
Checking out craigslist for appliances and furniture is super advice. I just found a beautiful oak craftsman table / chairs for 125. I have been looking at new sets for 6 months now and have found nothing I liked very much. It could be a fun adventure for you. Who knows. In a year you could end up being able to save that 8000.
A rule I do for myself is no big purchases for 6 months and doing nothing permanant to the home for 12 months. My husband is in the Army and we have moved alot over the years. That rule has saved us alot of money and kept me from changing things too often.