Does a having a private mortgage disqualify you for the 1st time home buyer tax credit?
Sunday, July 25th, 2010 at
5:37 pm
For the past 4 years I have been buying my home from my uncle through an escrow service. The private mortgage does not show on my credit report, but I do claim the interest as a deduction on my taxes. I have placed that home on the market and I am purchasing another home. Will I be able to claim the first time home buyer tax credit since my previous mortgage was held privately?
Tagged with: credit report • escrow • first time home • first time home buyer • first time home buyer tax credit • private mortgage • time home buyer
Filed under: First Time Home Mortgage
As long as you declared mortgage interest on your property within the past 3 years, you are not going to qualify for the FTHB credit.