We will be signing for our first home next week. The mortgage lender owned the house and this is for our first year, financing it himself, because of our credit points.
The second year, we are going to in house finance. Would we still qualify for the first time home buyer tax credit even though we have a different loan situation?
My boyfriend and I are buying a home together but he can not be on the mortgage because of his poor credit. I do not qualify for the 00 first time home buyer tax credit but my boyfriend does. Does he have to be on the mortgage in order to qualify for the tax credit or can I put him on the deed and will that qualify him for the tax credit?
The IRS has confirmed that if he is on the deed, lives in the house and can prove, that he has contributed towards the payment of the house, he does qualify for the credit. I am very comfortable having him on the deed but not on mortgage. Without getting into detail, his credit issues are understandable. I am awaiting to hear if the bank has any issues with him being on the deed. I will select the best answer then.
My grandmother lives in a Co-op in New York and I help her pay the maintenance, I used to live with her for several years until 2 years ago. Both of our names are on the co-op contract as share holder as well as on the Mortgage Interest Statement, Form 1098. I never took a mortgage or actually purchased any home. My question is, am I qualified for the 8000$ first time home buyer tax credit in case I buy an apartment in 2009?
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?
Channel 4 – WSMV-TV in Nashville – did a story about the $8,000 first time home buyer tax credit/incentive. Reporter Deanna Lambert interviewed Kathy T. for the piece. You can see the piece linked directly through the news station [www.wsmv.com or watch right here.
In 2004 my parents bought a home and included my name on the title. (long story, doesn’t matter why). There was no mortgage, and I did not pay for any of the property. They sold the property in December 2007 (I did not get any money from the sale). Can I qualify for the first time home-buyer tax credit, or does my name having been on that title exclude me? Please provide your source if possible!
