Posted on: 19th Jul, 2010 12:56 pm
My husband and I just purchased our first home. We needed my parents to be co-signers on the house to qualify for the loan.
My question is are my husband and I able to apply for the First-time homebuyer credit or no since my parents are on the loan as well and are not first-time homebuyers?
We signed a purchase agreement on April 29 and closed escrow on June 29, so we do fall within the proper time frame.
Thanks for your help!
My question is are my husband and I able to apply for the First-time homebuyer credit or no since my parents are on the loan as well and are not first-time homebuyers?
We signed a purchase agreement on April 29 and closed escrow on June 29, so we do fall within the proper time frame.
Thanks for your help!
As your parents are co-signers of the loan, then their name should be mentioned in the property deed. If your parents own a property of their own, then they would not be considered as first time buyers. In that case, you won't be able to qualify for a first time home buyers tax credit.