Do I qualify as a First Time Homebuyer if my name is on deed only and I Refinance this month?

ok i baught a house in 2005. And i want to use this house as a rental property. If a get a new house now do i qualify for the 8000 tax credit

I was the secondary (my father was the primary) on a mortgage in 2005. In 2009 i refinanced and took the mortgage into my name only. Do i qualift for any credit.....long time resident credit??

To janice,

You already own a house. Thus, you won't be able to qualify for the first time homebuyer's tax credit. The tax credit will be applicable for those who are buying their primary residence and have not owned a property in the last 3 years.

To amy,

As the mortgage is in your name, you will be able to deduct the mortgage interest payments while paying your taxes. Apart from this, I don't think you would qualify for any credit.

My husband purchased a home in October of 2009. I am not on the deed or mortgage. our tax preparer says that I must file either jointly for him to get this tax credit or file separately for it. ($4,000) each. I don't think that I qualify at all and it shouldn't even be a problem.

i am a first time home owner. i bought my home in aug of 08. the home was originally purchased by my parents on a 20 year mortgage. they were unable to buy a new home because of the 1 they owed on so i agreed to buy it to help them out. technically the home was traded in on the new 1 and i financed it through the trailor lot. all the paper work was done at the trailor lot and the home is in my name on a 10 year mortgage. i'm a single man with a very low income and this tax loan seems like it would be designed for people like me. whu should i be excluded just because the home belonged to my parents first? i think what it will ultimately come down to how the paperwork was handled.

Hi Judy,

If your name is not on the property deed or on the mortgage, then you won't be able to qualify for the tax credit.

Hi Guest,

As you purchased the property from your parents, you won't be able to qualify for the first time homebuyer's tax credit. In order to get the tax credit, you will have to fulfill the required rules and regulation set by the authorities.

thats completely unfair! i'm a first time home buyer with a mortgage! i'm claiming the credit anyway! they can kiss my @ss, they owe me 10% of my purchase amount! it's only $3500, and i need/deserve that money...

if my name was only on our loan and deed, but we refinanced with both my husband and my name, would he get the tax credit as a first time homebuyer?

I doubt whether your husband would be able to claim the first time homebuyer's tax credit. Speak to a tax expert in this regard and he would guide you in the best possible way.

because I am a single parent who has only owned with a former spouse while married and an individual who is a displaced homemaker and has only owned with a spouse. Does this qualify me to take this tax credit even though I owned a home with my former spouse?

my1 it depends on how long ago you owned the property. a first time homebuyer is defined as one who has not owned a primary residence in the past 3 years. if you can trace your non-ownership back to january or february of 2007, then your timing will be just right.

I just purchased a condo in March 2010 and would like to file for the first time home buyer credit.
However, back in 2002 when my parents bought their house they put me on the deed as they had just moved to the US and couldn get a loan on their own. I have put their home address as mine on the tax returns for 2007 and 2008 however I claimed the rent I paid to my parents and not as a home I owned.
Do I still qualify for the first time home buyer credit?

Thanks!

I've given my suggestions regarding your query at:
http://www.mortgagefit.com/predeal/about36336.html#155952

Take a look at it. Hope it helps you.

MY husband and I leave in a double wide mobile home for 10yrs now. We have made a timely payment since we have been here. But the home is under my sister-in-laws name. She would like for us to put the house under our names. Is this possible and who would help.

Your sister-in-law can sign a quit claim deed and transfer the property to you. Once the deed is filled out, it needs to be recorded at the county recorder's office.