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How do you qualify as a first-time buyer?

In general, lenders define a first-time home buyer as someone who has not owned any real estate -- whether a personal residence, vacation home or investment property -- during the past three years.
Lenders verify an applicant's status by examining their income tax returns, checking to see that the individual did not take any deductions for mortgage interest or property taxes.
 
are points deductible? | Print |  E-mail

Are points deductible?

If you are a Kalamazoo & Portage Michigan buyer, and you or the seller pays points, they are deductible for the year in which they are paid only. You also can deduct any points you pay when you refinance your Kalamazoo & Portage Michigan area home, but you must do so ratably over the life of the loan. Consult your tax or financial advisor.

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