Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for CarlosEGutierrez

How could my daughter take advantage of the tax credit.

 for a home that I was helping to buy but must re-finance.  I paid the down payment and put her as the borrower and my self as the co-borrower.  It was purchased in 2006 for $245,000 and loan was for $196,000 at 6.125%, 15 year fixed.  I can no longer help with payments of $1981.00 including taxes and insurance.  The balance of the mortgage is approximately $165,000 and my daughter's monthly income is $1908.84 after all deductions.  Her yearly gross pay is $64,545.57. Her boyfriend has lost his job and can only help very little.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 29 2009 - Ironwood Ridge
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Your daughter could likely qualify to refinance the home into her own name to a 30 year fixed rate in the range of 5%. That would significantly reduce the payment on the home therefore allowing her to be able to make the payment on her own. She however will not qualify for the tax credti as stated by others.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2009
Not a chance in hell!  And given the scenario you've described, I would recommend that you/she seriously seek the advice of a reputable real estate broker and/or attorney.

Best of luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 29 2009
If this has been your daughters primary residence for the past three years, she would not qualify for the First Time Homebuyers Tax Credit as she is considered the owner of this property.

Even if she had no financial interest in the property and was renting the property from you, she would not qualify for the tax credit because you cannot purchase a home from your parent.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 29 2009

If you are asking about the First time buyer tax credit, she can't.
She already is the owner on a house.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 29 2009
 
Related Questions
How could my daughter take advantage of the tax credit.
Profile picture for Rod Dennis
Latest answer by Rod Dennis
November 01 2009 | 4 answers
  • Asked by CarlosEGutierrez
  • In Refinance
  • September 29 2009
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 2367 W Ironwood Ridge Dr, Tucson, AZ Home For Sale
    2367 W Ironwood Ridge Dr, Tucson, AZ 85745

     For Sale: $195,000

    • Beds: 3
    • Sqft: 1924
    • Baths: 2.0
    • Lot: 7840
  2. 2343 W Ironwood Ridge Dr, Tucson, AZ Home For Sale
    2343 W Ironwood Ridge Dr, Tucson, AZ 85745

     For Sale: $139,900

    • Beds: 3
    • Sqft: 1410
    • Baths: 1.0
    • Lot: 10454