Posted on: 28th Jun, 2009 12:48 pm
We live in Mississippi, the mortgage is in my name only,but she is on the deed.Is there anything I can do to have her named removed off of the deed so she can take advantage of first time tax credit available for new mortgages? She has not been on a mortgage for over 15 years.We would like to buy another house using her good credit and the tax incentive.
Hi willbradd,
You can take her name off the deed through a quit claim deed. But she will not be able to claim the fiqst time buyer tax credit. Anyone who has owned a principal residence within the last 3 years does not qualify for the tax credit. Since your wife is on the deed, she owns the property. Thus, she will not qualify for the tax credit as a first time buyer.
You can take her name off the deed through a quit claim deed. But she will not be able to claim the fiqst time buyer tax credit. Anyone who has owned a principal residence within the last 3 years does not qualify for the tax credit. Since your wife is on the deed, she owns the property. Thus, she will not qualify for the tax credit as a first time buyer.
she can transfer her rights to you using quit claim deed. Then you will be on deed as well as on morgage.
Now she can apply for new loan independently using her credit score & icome.
To be considered a First Time Home Buyer, you must not have owned a home for 3 years prior. Considering her name on deed , she will not be considered a first time home buyer.
Now she can apply for new loan independently using her credit score & icome.
To be considered a First Time Home Buyer, you must not have owned a home for 3 years prior. Considering her name on deed , she will not be considered a first time home buyer.