If the home is purchased as the primary residence of the first time home buyer, the tax credit will be given in full to the first time home buyer. The co-borrower, who has had or does have ownership interest in a primary residence in the past three years, cannot claim any of the tax credit. This provision allows parents, extended family or even friends to help someone qualify for a loan and still make the $8,000 credit available. A helpful FAQ from the IRS can be found at http://www.irs.gov/newsroom/article/0,,id=206294,00.html.

This should answer your question. If you have any more please feel free to email me or call..

Darren Moreno
(863)-409-7766
Email:HouseofRealEstate@gmail.com