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Niicss · Posted: Wed Mar 24, 2010 2:47 am Post subject:

Your sister-in-law can sign a quit claim deed and transfer the property to you. Once the deed is filled out, it needs to be recorded at the county recorder's office.

Guest

I live in TN and was married, when my ex-husband purchased a home in 2005, living in TN I had to be listed on the deed (name was not on mortgage). We separated and were divorced in 01/08, the house went into foreclosure 07/07. Can I not be considered a first-time homebuyer at this time, and when would I be considered a first time homebuyer

smithsussane · Posted: Thu Apr 29, 2010 12:18 am Post subject:

Hi Guest!

Welcome to forums!

If you did not own any property as your primary residence in the last 3 years, then you would be considered as a first time home buyer.

Sussane

Guest

I currently own a home of which I purchased before me and my wife were together, so she is not on the loan/deed, and she has never purchased a home of her own.

My question is, even though we are married, would she be able to qualify as a fist time home buyer, without my 'history' (ie. currently owning a home) being looked at by the lender?

gmakerley · Posted: Mon Sep 20, 2010 6:17 am Post subject:

Yes, Galan, as a general rule, you'll find that lenders will consider her a first-time homebuyer. Keep in mind that you'll not be able to be an owner with her if you two decide to make a purchase. That won't keep you from being a cosigner on the note, though, if you wish to do that.

Guest

Thanks gakerly!

I believe her credit score + her monthly gross income would be sufficient to qualify for a loan, but if for some reason they weren't, and I were to cosign with her, would the fact that I currently own a home hinder us more than help us?

gmakerley · Posted: Mon Sep 20, 2010 8:37 am Post subject:

It ought to help, because you won't be an owner but merely a borrower. Being a borrower ought to enhance any application the two of you submit.

Guest

Thanks, I appreciate your help.

Guest

I was under contract in April 2010 and closed in June of 2010. I am married and bought the house on my own (my wife's credit was bad and she could not be on the mortgage). So, since the house is completely in my name, do I qualify for the whole $8000? Or because I am married filing seperate do I only get $4000, even though she is nowhere on the mortgage?

Guest

Also....a friend of mine bought his ste-brother's house (my friend's father was co-signer on the loan). Can he still get the $8000?

jameshogg · Posted: Wed Nov 03, 2010 2:11 am Post subject:

Hi Steve,

As far as I can understand, you will be able to claim the $8000 as a whole. It is your principal residence and you'll get the whole of tax credit.

As per my knowledge is concerned, your friend will not be able to claim the tax credit as he has purchased a property from someone who is a family member.

Thanks

Guest

The only proble I see is that on the IRS form 5405, line 3 says; "A first-time homebuyer, enter $8,000 ($4,000 if married filing separately)" and I file as "married filing seperate" Do I file as single to avoid this? And if I did file as single, wouldn't that open me up to all sorts of problems with the IRS due to the fact that I am married?

I figured as much for my friend...I even told him so. But, he wanted me to ask.

adonis · Posted: Thu Nov 04, 2010 2:13 am Post subject:

Hi steve,

It is true and if you're married and filing separately, you'll get $4,000 tax credit. I don't think it will be a good option to file as a single when you're already married.

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Do I qualify as a First Time Homebuyer if my name is on deed only and I Refinance this month?