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Answers (4)
- Lilly Dl, "Real Estate in MA"
- Contributions:60
You should qualify on your part if you buying it as a primary residence, but your cosigner will not qualify. If you need to talk to mortgage specialist please let me know, we have them in our office and they will be able to help you and provide more information how to get it done correctly.
- Michael Emery, "MikeEmery"
- Contributions:7283
Assuming you meet the criteria for the program you will qualify for the rebate. Having your dad cosign on the loan does not change your qualifying for the program.
Here's the direct quote and link from the IRS.
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 if the home was purchased as Taxpayer A's primary residence.
http://www.irs.gov/newsroom/article/0,,id=206291,00.html
Here's the direct quote and link from the IRS.
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 if the home was purchased as Taxpayer A's primary residence.
http://www.irs.gov/newsroom/article/0,,id=206291,00.html
- Scott Carrier, "scarrier12"
- Contributions:81
- sunnyview
- Contributions:25115
I would think that you would still qualify even with a cosigner. You can read more about the credit here or here from the IRS directly. You sound like you fit their specific scenerio 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.Hope it helps.
cosigner and $8000 first time homebuyer credit
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