Compare Mortgage Quotes

Guest

I have never bought a home or had a mortgage but my name is on a deed, a house that a friend of mine has a mortgage on. Would I be considered a First Time Home Buyer?

jenkin7 · Posted: Thu Mar 04, 2010 10:38 pm Post subject:

Hi vaspock,

You can qualify as a first time buyer if you have not owned a property for the last 3 years. You can claim the first time buyer tax credit of $8000. On the other hand, if you have owned and occupied a principal residence for the 5 consecutive years out of the last 8 years, you can still qualify for a $6500 tax credit.

Though your name is not on the loan, it is on the property deed, right? In that case, you already own a home and you cannot qualify for the first time buyer tax credit of $8k. However, if you can prove that you did not use this property as your primary residence and the property you are going to buy will be used as your main home, you can qualify for the tax credit of $8k.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Yes, you have to prove that you are not using this property as primary resident, then i will possible.

Thanks.

gmakerley · Posted: Fri Mar 05, 2010 9:34 am Post subject:

your question is best answered by a tax advisor, or the irs directly.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

No Mortgage but Deed