My daughter needs me to co-sign FHA loan for her.
If my name is on the deed, will she qualify for the $8000 tax credit, or should I get my name removed from the contract & deed documents before closing the sale of this home so that she will qualify?
Hello Jilliesmom, and thanks for your question.
The answer is, yes, your daughter can claim the credit so long as she is living in the home and it is her principal residence. For more information about the IRS rules, please check out their website at http://www.irs.gov.
This may just be the shortest answer I've ever poster here on Trulia. : )
Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
I do not remember where I heard it.... This question has come up before. But I believe she can still get the credit.
You really should ask a CPA......
The lender will have to answer this question for you. FHA has strict guidelines regarding co-signers on FHA loans. They will also have the final say on the way the deed is titled. You may not be able to remove your name. Again, your daughter's lender will have to answer this question.
Good luck!
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