Question Details

Eric Miller, Home Buyer in Bayside, Queens, NY

An older family member has asked me to put my name on a co-op refinance in order to meet income requirements;

Asked by Eric Miller, Bayside, Queens, NY Thu Apr 10, 2008

however, I need to use the down payment assistance program, such as Nehemiah, when I purchase my first home in the future. If I sign on to this co-ownership, will I still qualify for first-time buyer programs? Thanks so much.

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2
Hi Eric,

If you put your name on the co-op for refinance, you will be conisdered a co-owner. As such, there is a substantial possibility that will preempt your ability to claim first time homebuyer status. If you sign for the re-fi, you will have obligated yourself to the legal responsibilities for repayment of the loan, as well as the benefits of an owner in the co-op. Since you defined this as a co-op, you are a stock certificate holder.

Deborah Madey - Real Estate Broker
Peninsula Realty Group - New Jersey
1 vote Thank Flag Link Thu Apr 10, 2008
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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The general rule is (vary state-to-state), if you have not been a homeowner within the last 3 years, you can possible qualify for a 1st Time Homeowner Downpayment Assistance Program or Downpayment Assistance Grant. And all parties to the deed will be required qualify within the guidelines of the state/local median income requirements.
0 votes Thank Flag Link Thu Apr 10, 2008
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