Home Buying in 19047>Question Details

Just Wonderi…, Home Buyer in 19047

Do we still qulify for first-time buyer programes with a co-buyer?

Asked by Just Wondering, 19047 Wed May 13, 2009

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Renee Porsia’s answer
Just wondering,

If that co-buyer hasn't owned any property in their name in the past 3 years, then yes that person would qualify for the first-time home buyer programs such as the tax credit.

My question to you is, have you owned any property in your name in the past 3 years??

Renee Porsia
Associate Broker
RE/MAX ACTION
(215) 669-0589 Direct
(215) 358-1100 Office ask for Renee
http://www.reneeporsia.com
1 vote Thank Flag Link Thu May 14, 2009
Absolutely, both buyer ans co-buyer must qualify on their credit, but a co-borrower can lend income strength to obtain a mortgage approval.
Let me know if you need a good mortgage source ~ Diane
0 votes Thank Flag Link Tue Sep 14, 2010
Yes, you should be able to, as long as neither of you has owned a home in the last three years, or, if the home will be purchased in your name only, if you didn't file a joint tax return with the co-buyer (as spouse). You should be fine.

To receive the $8,000 tax credit, you need to close by November 30. Since the typical waiting period is 60 days between the signed agreement of sale and the closing date, you should start looking soon!

I work with a mortgage consultant who is very easy going and great to work with. If you would like to know more, call, email or text me & I'd be happy to put you in touch with him. I live in Langhorne, so I am very aware of the local homes available.
Best of Luck,
Take Care,
Debbie
0 votes Thank Flag Link Tue Jul 28, 2009
Is your question for the tax credit or an FHA Loan product?
0 votes Thank Flag Link Thu May 14, 2009
If you have not owned a PRIMARY residence in your name in the past 3 years YOU will qualify. If your co-buyer has and you have not, I have been advised by a CPA that you can still claim your 50% of the qualified amount (10% of the purchase price up to the maximum of $8000) provided that you and the other party each own 50% of the property equally. Of course, if they have had ownership in the past 3 years, then THEY will not qualify.
0 votes Thank Flag Link Thu May 14, 2009
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