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a question about occupying co borrowers

Posted on: 03rd Nov, 2010 07:20 pm
hi my brother in law, occupying co borrowed with me on my loan for my home and i was wondering if he goes to buy a house after i refinance and take him off the loan will he be able to get a first time homebuyer loan with his wife as the primary? and does he have to claim the sale of the house on this years taxes or can i ( he has put no money iinto the house
Hi samelio,

Your brother-in-law will be considered as a first time home buyer only if he did not owned a property for the past 3 years. If he satisfies this criteria, he will be able to declare himself as a first time home buyer. If he is presently an owner of the property and the property sells off, then he will have to claim the sale of the house on this years' taxes.
Posted on: 03rd Nov, 2010 09:53 pm
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