New homebuyer credit

Asked by Brian, 02129 Tue Nov 10, 2009

I own a condo that I rent to tenants. My fiance has does not, and has never owned a home. We are getting married October 2010. In order to qualify for the full $8k homebuyer credit, would she have to be the ONLY one on the deed when we buy it, since I already own a home (and yes, I have lived there in the last 3 years - so I'm disqualified)? Am I then able to be added to the deed after purchase and we would still qualify for the homebuyer credit? Can I still be on the mortgage? Basically, what do we need to do in order to qualify for the full $8k before it expires, and before we get married.

Thanks,
Brian

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5
Dan Chase, Home Buyer, Texas City, TX
Tue Nov 10, 2009
Brian, if your fiancee can afford the mortgage by herself why should your name be put on the deed? If she can not be put on the mortgage by herself I doubt it would work anyway.
0 votes
Carl Henker, , 95928
Tue Nov 10, 2009
Will your fiance qualify for the new loan buy herself? You need to seek the advice of a good accountant or check with the IRS. Don't take a chance as the IRS is under pressure to keep an eye on this program due to the large number of fraudulent applications.
0 votes
CCC, Home Owner, San Diego, CA
Tue Nov 10, 2009
Hi, details on the $6,500 had not been issue from the IRS. Please look at links for information.

http://mplsrealtor.com/downloads/public/2009_NAR-FAQ-Tax-Cre…

http://mplsrealtor.com/downloads/public/2009_NAR-Issue-Brief.pdf

This links are information provided to us here in Minnesota from the National Association of Realtors.

Also, you need to check with an accountant or IRS.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7
0 votes
Wen Farina, Agent, Reading, MA
Tue Nov 10, 2009
I meant you may also qualify for the credit. Email me or call me and I will send you the actual requirements for qualification on the extended 8,000 credit

Wayne
Century 21
Web Reference:  http://www.WENREALTY.com
0 votes
Wen Farina, Agent, Reading, MA
Tue Nov 10, 2009
Hi Brian,

no may also qualify for the credit. Email me or call me and I will send you the actual requirements for qualification on the extended 8,000 credit

Wayne
century21ma@yahoo.com
Web Reference:  http://www.WENREALTY.com
0 votes
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