Zillow Advice: Buying Process - 8,000 first-time tax credit for fha loans with co owners

I believe that you would ...

Tue, 09 Jun 2009 13:22:00 GMT

I believe that you would be eligible for a rebate if you do not own more than 50% of the house here is the form that you will need to use to claim the credit that explains it better. This is also a good FAQ about the tax credit from the Homebuilders Association that is well laid out. If you have questions about the credit or you cannot find the specific information that you need, it is worth talking to a tax professional or calling the IRS directly for information specific to your situation.

HUD INFO RELEASE on NEW HOME ...

Tue, 09 Jun 2009 12:51:00 GMT

HUD INFO RELEASE on NEW HOME BUYER 8000 Tax Credit

Good morning, and you have asked a great question. In these days of specialization, it is best you ask a tax professional how your particular situation would be handled. I would call your CPA, Tax Attorney, or even call FHA or HUD. The link above connects to FHA and the latest informational release on the tax credit, with a phone number for an FHA representative that may be able to answer your question. I hope this helps, Jim.

As a licensd Maryland Loan ...

Mon, 08 Jun 2009 22:56:00 GMT

As a licensd Maryland Loan Officer...I asked my Real Estate Attorney at a closing this week. He said ...?...Ask a tax attorney.......This is what we Loan Officers have been told the buyer gets the full tax credit $8,000. The argument in the mortgage industry on this type of transaction is what percentage of the home does the co-signor actually own?
GO to www.IRS.gov and search form 5405. that is the form you will send to the IRS to recieve your refund. You will see that the percentage of the co-borrower owns will be deducted form the $8,000

John,The best way to get ...

Mon, 08 Jun 2009 22:36:00 GMT

John,
The best way to get your question answered would be to talk to a mortgage professional. They know how to handle the $8,000 tax credit and what the rules and regulations are.

[content removed by moderator for being self promotional]

Are both owners married?

Mon, 08 Jun 2009 22:23:00 GMT

Are both owners married?