Posted on: 08th Jun, 2009 06:15 pm
My freind is going to quit claim her house to me but her name is still going to be on the loan. Will this entitle me to the first time homebuyer credit.
hi puertorose,
if your friend is gifting you the property, then you won't be able to take advantage of the first time homebuyer's tax credit. however, if she is selling you the property, then you will be eligible for the first time homebuyer's tax credit. in such a situation, the lender may not allow your friend to remain on the mortgage. you'll have to refinance the mortgage in your name.
thanks
if your friend is gifting you the property, then you won't be able to take advantage of the first time homebuyer's tax credit. however, if she is selling you the property, then you will be eligible for the first time homebuyer's tax credit. in such a situation, the lender may not allow your friend to remain on the mortgage. you'll have to refinance the mortgage in your name.
thanks
hello everybody :d ,
yes james is absolutely correct,
if your friend going to transfer property on your name by signing quit claim deed the she must have to refinance mortgage on your name then your name will be appear on the loan deed. very simple. to refinance mortgage you can get help of you lawyer/attorney.
thanks you so much.
daniel corral. :d
yes james is absolutely correct,
if your friend going to transfer property on your name by signing quit claim deed the she must have to refinance mortgage on your name then your name will be appear on the loan deed. very simple. to refinance mortgage you can get help of you lawyer/attorney.
thanks you so much.
daniel corral. :d
you can enjoy only one either a gift benefit or first time homebuyer's tax credit benefit. if you want to enjoy second benefit as well, ask your frien for quit claim deed.