1st time homebuyer tax credit on home refinance

Hi jreyn,

Though your fiancee qualified for the first time home buyer's tax credit, he will not be able to take advantage of it as both of you are refinancing the loan. In case of refinancing, the first time homebuyer's tax credit is not granted.

Thanks

in order for your fiance to obtain a first time homebuyer credit, he would have to become a buyer of a home for the first time. that's pretty much what defines eligibility. nobody in this country who is refinancing a home will qualify for a first time homebuyer credit under the laws.

if she is 1st time home buyer then as co-buyer she should get a $4000 rebate. Call the IRS!

that's incorrect, barton. you cannot become a first time homebuyer by simply being included in the transaction when another party refinances. one must truly be a first time home buyer to qualify as a first time homebuyer.

My husband and I are about to purchase a home but will we still be eligible for the tax credit refund?

You need to check out whether or not the tax credit is still applicable in your state. If you haven't owned any property for the last 3 years and if the first time homebuyer's tax credit is still applicable in your state, you would be able to get the tax credit refund.

Niicss, the tax credit is not based on location at all - it is a federal benefit. In order for someone to take advantage of the most recent tax credit, the purchase agreement for the property being purchased would have had to be in effect not later than April 1, 2010. Any date later than that negates the credit.

ok, we own our home for the last 10 years, refinanced for lower interest rate this past summer. Can we claim the Long Time Home buyer Credit?
Thanks!
ps this is for 2010 taxes

As far as I know, if you refinance the mortgage, then you may not be able to qualify for repeat homebuyer's tax credit.

We bought our home Dec. 2005 with a first mortgage of $125,000 and have lived in it since . We refinanced for $165,000 and closed in May of 2010. Are we eligible for the Long Time Home Buyer Credit? We've never take the First Time Home Buyer Credit.

Hi dwb,

You may be eligible for repeat home buyer's tax credit. However, it will be better if you could contact a tax adviser and take his opinion in this matter.

Thanks

By definition, a first time homeBUYER credit is strictly for someone who is actually BUYING a home...and that credit expired in 2010. A refinance transaction is just that - refinance, and has nothing to do with a purchase. Hence, a credit is not available.

DWB - there is no such thing as a Long Time Home Buyer Credit. There was a window of opportunity for people who were moving from a home they owned to a newly purchased home in 2010 that provided for a tax credit. It has nothing to do with refinance transactions, however.

There will never be a homeBUYER credit available for someone who is refinancing. The two terms (purchase/refinance) are mutually exclusive.

If its so simple then why are you here to answer questions about it? You act as if you set on a pedestal high above the rest of us.. Mommy and Daddy not show you enough love?? School kids pick on you a lot?? Grow up and show some common curtsy to us common people.

I'm certainly not trying to be insulting, and apologize for that. I capitalized what I did simply for emphasis, not to demean anyone. That, frankly, based on my re-reading of what I've written, would seem to be the crux of your complaint.

I don't think I was particularly over the top with my comments, but recognize that there needs to be a specificity to what is said. If I answered in vague ways, that'd be useless to anyone, particularly to someone who simply isn't aware of the rules and regulations, and the laws involved.