Posted on: 27th Feb, 2009 08:23 am
My question is with this $8000.00 credit going to first time homebuyers.
Back in Augest of 2006 my parents and I purchased a house to rehab, they put the house in their name, I had alot of cash to fund the project, but no income proof to qualify for the loan. Anyways, i want to refi because I moved into the property because of the market dump. So the deed and the mortage was in my parents name, in january of this year (2009) we had my name added to the deed, and when/if we can refi I want to be the only one on the mortgage, will i qualiy for this tax credit?? or anyone have any other/ better suggestions. I am currently paying 7% and rates in my area are about 5%.
Thanks for any help in advance.
Back in Augest of 2006 my parents and I purchased a house to rehab, they put the house in their name, I had alot of cash to fund the project, but no income proof to qualify for the loan. Anyways, i want to refi because I moved into the property because of the market dump. So the deed and the mortage was in my parents name, in january of this year (2009) we had my name added to the deed, and when/if we can refi I want to be the only one on the mortgage, will i qualiy for this tax credit?? or anyone have any other/ better suggestions. I am currently paying 7% and rates in my area are about 5%.
Thanks for any help in advance.
Hi BIGTRUCKIN,
To qualify for the first time homebuyer tax credit, you must not have owned a primary home for the past 3 years. But as you have added yourself to the title of the house in January,09, I doubt whether you can qualify for the tax credit.
To qualify for the first time homebuyer tax credit, you must not have owned a primary home for the past 3 years. But as you have added yourself to the title of the house in January,09, I doubt whether you can qualify for the tax credit.
Thanks for the reply, I have not owned a home in the last 3 years, this would be/ is my first home
Hi BIGTRUCKIN,
You have mentioned that you never owned a home in the last three years. But you had also said that you had your name added to the title in january this year which means you are now a co-owner of the house.
You have mentioned that you never owned a home in the last three years. But you had also said that you had your name added to the title in january this year which means you are now a co-owner of the house.