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We are interested in coborrowing on a refi and will also be living in the home full time along with the current homeowner. This will be the first time we've ever had a mortgage, would we qualify for the first time home buyers tax credit and/or any other tax deduction regarding taxes or interest?

dekeld · Joined: 11 Mar 2010 Posts: 8 2.15 Dollars($)

The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.

Tax is equal to 10 percent of the home’s price and up to the limit of $8,000, worth checking how much you qualify for your part in the mortgage.

gmakerley · Posted: Thu Mar 11, 2010 2:57 pm Post subject:

based on what you described, i don't believe you will qualify for the tax credit. however, it is worth your trouble to check with a tax advisor for further clarification, and you can also check with the irs directly. on their website, irs.gov, there is a Q&A section. i'm not sure your particular question will get answered in that section, but if not, a call might do the trick. tax advisor would be quicker, probably.

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