Posted on: 11th Jun, 2010 10:11 am
My fiance bought a home 1/13/10 with the first time homebuyer credit. He hasn't gotten his refund yet. We now want to put on an addition and went to the lender for a 2nd mtg. I need to be on the mtg for us to qualify but I owned a home less than 3 yrs ago (although it will be 3 yrs 7/13/10). Will me being on the 2nd mtg (not on the deed) have any affect on his first time homebuyer credit from before (meaning with the IRS catch this somehow)?
It does not matter if the IRS does catch it. He already qualified for the credit. There are no rules that say he forfeits it later except perhaps if he does not live ther the required numnber of years as an owner occupied property.