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Guest

I have a similar situation where I am looking at purchasing a home and my mortgage agent and Realtor agent have told me that I am not qualified without my Parents being, both on the loan and the title of the house, which seems ridiculous if they are already co-signing on the mortgage. My question is if my parents are on the title and the loan then do I still qualify for the 8k, since they are both homeowners and also why did I have to jump through all the hoops of trying to establish my own credit history if I am already forced by the new FHA regulations to have my parents on everything?

Thanks for the help in advance!

adonis · Posted: Thu Oct 22, 2009 8:39 pm Post subject:

Hi Guest,

You will not qualify for the first time homebuyers tax credit if your parents are on the title and mortgage. Your parents won't qualify as first time homebuyers, so you won't be receiving the benefit of it.

Your parents will have to cosign for the loan because, I guess, you don't have the required credit to qualify for the loan alone. Once you have the required credit, you will be able to refinance the loan in your name.

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8k tax credit