Posted on: 17th Sep, 2009 08:38 pm
hello,
i am in process of helping my girlfriend buy her first home (mortgage and funds are good and she is eligible for mortgage on own).
i was going to purchase as 2nd home for me (lake house), however, for first time home buyer tax credits as well as homestead property tax savings, we are going to make this her primary residence with mortgage in her name.
i will be putting additional $30k into upgrades and renovations. because of this, after loan closing i want to do a quit claim deed from her to me as co-owner.
do you see any problems with this with regards to first time home buyer credits or with regards to her mortgage company?
i am in process of helping my girlfriend buy her first home (mortgage and funds are good and she is eligible for mortgage on own).
i was going to purchase as 2nd home for me (lake house), however, for first time home buyer tax credits as well as homestead property tax savings, we are going to make this her primary residence with mortgage in her name.
i will be putting additional $30k into upgrades and renovations. because of this, after loan closing i want to do a quit claim deed from her to me as co-owner.
do you see any problems with this with regards to first time home buyer credits or with regards to her mortgage company?
Hi bartshes,
Welcome to our forum.
Yes, You can keep her primary on property purchase to take advantages of first time home buyer tax credit, You can do quite claim deed after your loan paid off & you will be co-owner of property.
Thanks & Regards
gunz.ijjistaff.
Welcome to our forum.
Yes, You can keep her primary on property purchase to take advantages of first time home buyer tax credit, You can do quite claim deed after your loan paid off & you will be co-owner of property.
Thanks & Regards
gunz.ijjistaff.
First time humebuyer's tax credit will be available to them who have not owned a property in the last 3 years. If you meet this criteria, then you can add your name on the property deed along with your girlfriend. If you do not meet this criteria, adding your name to the property deed would disqualify your girlfriend to take advantage of the tax credit.
Yes, Niicss has also made wise suggesion, You may think it over.