THE ONLY IDIVIDUAL THAT IS AUTOMATICALLY DISQUALIFIED FOR THE $8,000 TAX CREDIT IS A MARRIED PERSON WHOSE SPOUSE HAS OWNED PROPERTY OVER THE LAST THREE YEARS. PERIOD.
So if you have not owned property in the past three years and are not married to a property owner, YOU CAN HAVE 10 CO SIGNERS THAT OWN 50 PROPERTIES AND STILL GET THE CREDIT.
If you want to buy the house under only your name you can get the tax credit. However, if you want your fiancee to be on the loan with you, you will not get the credit. Call my lender- she can get you a great rate, she gives excellent service, and she can answer all of your questions!
Direct Mortgage Solutions
Please tell her I referred you!
In short, either person on the mortgage who qualifies for the credit can take between 0 and 100%. Some of these agents are horribly wrong on this issue.
As you can see the answer is...it depends. How you have and take title as well as how you have and take the new loan. I would recommend your calling your lender or feel free to call mine:
Heather Dirschl Universal Lending: 303-827-4986 firstname.lastname@example.org
A couple questions:
1. is the home your fiance owns his principal residence?
2. would you be filing your taxes jointly or separately?
The easiest answer is if you buy the home with him as a cosigner but not on title. In that case, yes you can. If the question about the principal residence is answered 'no', then he too would qualify IF he has not owned another property as pricipal residence in the past 3 years. Clear as mud? I'd be happy to help you.
Metro Brokers - The Realty Werks
Give Mike Savell a call at 303-625-3123.
I refer all my buyers to him. Even those that are pre-approved with someone else, because he knows first time buyer programs so well he often can recommend strategies other lenders have not considered.
Once you get the answer to your financing questions answered, I would welcome the opportunity to then help you find the right home.
Best of luck,