Definition of first time home buyer

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04WDPTL

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Post Posted: Mon Apr 06, 2009 9:03 pm    Post subject: Definition of first time home buyer
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"An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers."

My situation is, a few years back my parents put my name on the title of their house, however I've never contributed a penny to the mortgage nor was involved in the original purchase of the house. I know that this alone will dis-qualify me for the first time home buyer credit, however the rules states that

"An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property."

Principal resident meaning that I would have to be living there and consider it as my primary home. The house has been a rental property for the past 6-7 years and I have not lived there since than. The address on my driver license for the past 6-7 years has been for a different address of which I have no affiliation with the mortgage. Am I mis-interpreting the law or is there a glimpse chance I may qualify for this credit? Please advice and thank you in advance for the help.

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Icon Mini Profile savior70





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Post Posted: Tue Apr 07, 2009 3:27 am    Post subject:
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Hi

You may have a chance to qualify as a first time home buyer, because the home you're on the title of, isn't your principal residence. It has been a rental property for the past 6-7 years. You also have your driving license to prove that you've not lived in that property and thus this is not your principal residence. Logically you should qualify as a first time buyer.
04WDPTL

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Post Posted: Tue Apr 07, 2009 7:35 am    Post subject:
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I would like to also add that I've never claim that house in my taxes.
Icon Mini Profile Garysnober





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Post Posted: Tue Apr 07, 2009 8:13 am    Post subject:
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HI, Im sure that if you have not been living there and have not purchased a home within the last 3 years you should not have a problem being a first time home buyer. And as youve said this house was purchased over 6 years ago?
04WDPTL

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Post Posted: Tue Apr 07, 2009 8:41 am    Post subject:
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To: garysnober

The house was purchase over 10years ago, but it has been rented out for the past 6 years. My name has been on the title for the past 2 years.
Icon Mini Profile jerry
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Post Posted: Wed Apr 08, 2009 7:32 am    Post subject:
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Hi WDPTL,

I agree with what Savior and Gary have mentioed. If you did not live there, it cannot be considered as your primary residence. You have not purchased any house in the past few years, I believe. Well, if this is the case, then I don't see any reason why the you should not quallify as a first time buyer.

Thanks,

Jerry
Janet

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Post Posted: Wed May 20, 2009 11:04 am    Post subject: first time home buyer approval
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We had a mortage foreclosed recently. Would we be able to quqlify for a first time home buyer statis if we never actually bought the house. It was foreclosed because my boyfriend had a serious accident and could no longer work. We paid the mortgage each month, but was late a couple of times.
Icon Mini Profile jenkin7
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Post Posted: Thu May 21, 2009 12:43 am    Post subject:
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Hi Janet,

Were you on the title to the poperty that has recently been foreclosed? If you were on the title, you had owned the property. This means you cannot qualify as a first time home buyer since you have already owned a house within the last 3 years. But if you were not on the title, you can quallify for the first time home buyer tax credit.
T

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Post Posted: Wed Jul 22, 2009 6:54 pm    Post subject: First time home buyer
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Could I be considered a first time homebuyer if I purchased my first home 6-years ago? I am ready to sell and re-build. Will I qualify for first time homebuyers credit?
Icon Mini Profile gmakerley
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Post Posted: Thu Jul 23, 2009 8:01 am    Post subject:
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t, this question has already been answered elsewhere.
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Manu

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Post Posted: Mon Mar 14, 2011 7:37 pm    Post subject: First Time Home Buyer?
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Me and my husband are looking to buy a property closing next falls. However, my dad is gifting me a house which closes in less than a year. I am not on title. But the mortgage will be in my husbands and my name.
Will I lose any credit towards the house we plan on buying on our own?

Things to note:
We will be living in the house my dad is giving me, until our own doesnt close. We will then sell it.

any input would be great!
Icon Mini Profile smithsussane
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Post Posted: Tue Mar 15, 2011 12:12 am    Post subject:
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Hi Manu!

Welcome to forums!

If you default on the mortgage payments, then it will have a negative affect on your credit score. Moreover, if you already have a mortgage in one of the properties, it will be difficult for you to qualify for another mortgage.

Feel free to ask if you've further queries.

Sussane
Icon Mini Profile gmakerley
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Post Posted: Fri Apr 01, 2011 10:24 am    Post subject:
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Sussane, are you looking at the same query that I'm looking at?

Manu, is there a reason you're attempting to qualify for first-time homebuyer status? Are you trying to obtain special financing?

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