Sometimes we just answer a simple question.... And get paybacks for a long time
Thanks activerain for the forum!!
From: XXXXXXXXBillXXXXXXXXXX
Sent: Monday, March 15, 2010 17:48
To: The DallasLoanGuy - Tom Burris
Subject: Re: FW: Info on tyax deductible interest
Wow, Tom! What great info and talk about going above and beyond! I may be too far along in this process with B of A to have you broker this particular loan but I can assure you I'll call on you next time and will refer friends to you if I hear they're needing a mortgage. I'm a marketing professor and you really provided great service here even though it was unlikely you would directly benefit. Thanks, again.
Bill
p.s. I live in Abilene but have been a marketing professor at Pepperdine University in California for 14 years. I'll even use you as an example in my executive MBA classes.
On Mon, Mar 15, 2010 at 3:58 PM, The DallasLoanGuy - Tom Burris <tomburris@dallasloanguy.com> wrote:
See link and attached
Follow up to our earlier email
http://www.irs.gov/pub/irs-pdf/p936.pdf
Pages 2, 3 and 8 would be especially helpful.
Describes when it is ok to write off mortgage interest.
Tom Burris
Mortgage Banker
DallasLoanGuy.com214-763-4629 cell/text/nights/weekends
"P.S. While my business is good and growing steadily, it is important for you to know that I am never too busy to help those you refer to me: your family, friends, neighbors, and coworkers."
"Don't keep me a secret! Take a minute to let your friends know the value you received from our services."
William,
- Yes, the NOCB will be on title/deed.
- You aren’t co-signing…. You will be a co-borrower(non occupying)
- He will still qualify for the tax credit. I have verified before, but suggest that you investigate yourself since I do not give tax advice.
- He will get full credit for homestead.
The only downside to this is that he will likely get credit for interest deductions, although my CPA thinks YOU can….. Since he will likely not have anything else to deduct and will take a standard exemption.
I suggest you consult with your own CPA or utilize the phone numbers at IRS.gov and get an opinion on deducting interest.
Let me know if you have anything else.
Tom Burris
Mortgage Banker
DallasLoanGuy.com214-763-4629 cell/text/nights/weekends
"P.S. While my business is good and growing steadily, it is important for you to know that I am never too busy to help those you refer to me: your family, friends, neighbors, and coworkers."
"Don't keep me a secret! Take a minute to let your friends know the value you received from our services."
From: XXXXXXXXX BILL XXXXXXXXXXXX
Sent: Monday, March 15, 2010 14:21
To: tomburris@dallasloanguy.com
Subject: FHA non occupying co-borrower
Our son will be entering medical school in Lubbock in July and we're helping him buy a house. I have strong credit (and he does too even though he has no income as full-time student). From what I'm reading, it seems to me that FHA requires that a co-borrower actually be named on the deed. Is that your understanding? I don't understand why I would need to appear on the deed as long as I sign all of the loan documents to ensure that I'm fully responsible for the debt. I'm concerned because of two factors: (1) our 22 year old son qualifies for the $8,000 first time home buyers tax credit and I'm wondering if the fact that I appear on the deed with him will keep him from getting that, and (2) in January when he files for the homestead exemption, will be only get 50% of that tax break?
Thanks for any guidance you can provide.
Bill
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
Thankfully, on March 3, 2010 the Federal Trade Commission file a revision to the Free Annual File Disclosure Rule to address the abuses and deceptive advertising for Free Credit Reports. This was part of the new Credit Card Accountability and Responsibility Act 2009.