Compare Mortgage Quotes

Posted: Fri Feb 27, 2009 11:30 pm Post subject: First time home buyer tax credit

The house my husband and I are living in were his parents. We never owned a home before, and right after we got married they were moving to another state so they signed over the house to us with a quit claim in 2006. The mortgage is still under his parents and we've been paying for the mortgage since. Now we want to put the remaining loan into our name and perhaps do some home improvements. I read that in similar situations like this, the grantee would need to go and refinance the house into his/her name(s). Would this mean that we wouldn't be considered as first time home buyers and not eligible for the first time home buyer tax credit?

jenkin7 · Posted: Sat Feb 28, 2009 12:45 am Post subject: first time home buyer credit

Hi Guest,

I doubt whether you will be considered as first time home buyers and would be eligible for the tax credit. This is because the first time home buyer is defined as one who has not owned a primary house for the last 3 years and the fact that you have been added to the title through a quitclaim deed might prevent you from qualifying for the credit.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

i do agree with jenkin7 in this respect that the law states you should not have owned the primary house for last three years.so if in this case if you are availing the facility for last three years then surely you won't be able to avail the benefit of tax credit. Wink

msnover92571 · Posted: Sat Feb 28, 2009 5:38 pm Post subject:

Yes im sorry to say that i doubt you would be able to qualify for the First time buyer tax credit.

Posted: Sat Feb 28, 2009 8:12 pm Post subject:

That's too bad Sad

I figured that was the case. I'll just go and proceed with my plans to refinance and remodel. I'm just grateful for having a home for my family. Thank you for your replies.

msnover92571 · Posted: Sat Feb 28, 2009 8:14 pm Post subject:

Hey its no problem i hope all works out for u.

jenkin7 · Posted: Mon Mar 02, 2009 1:28 am Post subject:

Hi Guest,

You are most welcome.

It's a good decision to go ahead and proceed with your plans to refinance and remodel, even though you do not qualify for the tax credit.

However, if you have any further queries, please feel free to ask.

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

refinancing and remodelling is a good choice.go ahead with it.

thanks

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

First time home buyer tax credit