Profile picture for MareandLynn

Mother co-signs-is on the mortgage-I am 1st time homeowner-she's not,am I still eligible 4 Stim $

Am I still eligible for $8000 stimulas package under the above conditions?
  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.
June 15 2009 - Ocean Pines
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)

As long as you meet the qualifications as a First Time Home Buyer, then yes you can receive the full $8,000 even if your mother doesn't qualify.

S2. Taxpayer A is a single first-time home buyer. Taxpayer B(parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($$8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence. IRS GOV.

http://www.irs.gov/newsroom/article/0,,id=206293,00.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.
June 15 2009
Good morning, the link already presented to you is a good start, and the quick answer is YES, you will still qualify for the tax credit.However, the kicker is that FHA has lowered the LTV allowed if  you use a non-occupant co-borrower, and that LTV is limited to 75%! If you put 25% down, there really is no point in using FHA, since the 1.75% required UFMIP can buy down your Fannie/Freddie rate well below FHA pricing. I hope this helps your decision making process. Jim
  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.
June 15 2009
Profile picture for sunnyview
I would say that you would be eligible if you fit the other criteria for the credit like income, first time home buyer, etc. Here is a helpful FAQ about the homebuyers credit that is easy to navigate and answers many common questions. The IRS actually has an answer to your specific scenerio here. They say "S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much? A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence."So I think the answer is yes you qualify as long as the other criteria fit.
  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.
June 15 2009
This is best answered by a qualified loan officer who is familiar with the ins and outs of the FHA qualifications, rules, and regulations.
Do you have a loan officer currently?
Are they qualified under the FHA program?
If not, or if you are not certain, please let me know and I can direct you to the right people!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
  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.
June 15 2009
 
Related Questions
How do you find the Zillow estimate on a home that is not listed for sale
Profile picture for wetdawgs
Latest answer by wetdawgs
June 29 2010 | 1 answers
  • Asked by Princeton24
  • In Investing
  • June 29 2010
Mother co-signs-is on the mortgage-I am 1st time homeowner-she's not,am I still eligible 4 Stim $
Profile picture for Michael Emery
Latest answer by Michael Emery
June 15 2009 | 4 answers
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. 14 Whaler Ln, Ocean Pines, MD Home For Sale
    14 Whaler Ln, Ocean Pines, MD 21811

     For Sale: $290,325

    • Beds: 4
    • Sqft: 2364
    • Baths: 3.0
    • Lot: 9885
  2. 1 Weeping Willow Ct, Ocean Pines, MD Home For Sale
    1 Weeping Willow Ct, Ocean Pines, MD 21811

     For Sale: $239,900

    • Beds: 3
    • Sqft: 1556
    • Baths: 2.0
    • Lot: 12853
  3. 622 Ocean Pkwy, Ocean Pines, MD Home For Sale
    622 Ocean Pkwy, Ocean Pines, MD 21811

     For Sale: $55,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 9583