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Definition of first time home buyer

"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 [b:d2f2612dbd][u:d2f2612dbd]principal residence during the 3-year[/u:d2f2612dbd][/b:d2f2612dbd] 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.

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like to also add that I've never claim that house in my taxes.

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Garysnober's picture
Garysnober | Joined: March 17, 2009 12:22 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:35 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:35 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

t, this question has already been answered elsewhere.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:35 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:35 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:35 | Post subject:

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