There is a lot of bad information in these answers. Consult a tax professional or at the very least look at these FAQ's on the IRS website outlining your exact scenario. http://www.irs.gov/newsroom/article/0,,id=206294,00.html

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.

Obviously there are many people confused on this issue. Take this as a definitive answer:

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.

Hi Dcolorado,

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!

Rita Tsalyuk
Direct Mortgage Solutions
303-522-8633

Please tell her I referred you!

Thanks,

Ethan Besser
Realty Xpress
303-856-8980

That's more of a question for a tax professional, however with respect to the mortgage, normally a lender would require anyone on the mortgage to be on title with you as well, in which case you would probably not qualify for the credit

Dcolorado,
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 hdirschl@ulc.com
Good luck!
Derrek
303-470-9880

DM,
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.

Tim Klein
Broker
Metro Brokers - The Realty Werks
303.973.7600

A lender has told me that this is possible. The best answer would be from a cpa who is involved with tax issues on a daily basis.
Let me know if I can help further.
Linda Alexander 303-475-3078

As a Realtor, I do not feel qualified to answer your question. I do, however, work with an excellent lender at Chase Bank.

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,

John Keene
Keller Williams
303-547-7578

Yes. You must qualify for both mortgages. The closing must take place before you are married. I have completed two of these exact senarios over the last 6 months.