First Time Hombuyer Credit

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Linda M. Krause

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Nov 8, 2009 4:40:29 PM

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Can a first time buyer receive the tax credit if they have a co-signer who owns their own home? vy/lmk

Michael Richman

Group Member

Nov 8, 2009 6:44:38 PM

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Linda Krause asked "Can a first time buyer receive the tax credit if they have a co-signer who owns their own home?"

Linda,

If the co-signer is only on the note for purposes of qualifying for the loan, this should not disqualify the purchaser from receiving the tax credit. If the co-signer is on the deed, the consensus of tax experts I have heard from is that this does disqualify the first time homebuyer from receiving the tax credit.

Michael Richman, MUP, MBA
GRI, ITI, SRES, e-Pro, CBR
Licensed Real Estate Broker
Herndon Eagleton Real Estate - Here For You
450 7th Avenue, Suite 948 New York, NY 10123
Phone 917-991-2528
mrichman@HerndonEagleton.com
http://www.HerndonEagleton.com

Linda M. Krause

Group Member

Nov 8, 2009 6:49:39 PM

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Thanks for the reply....makes sense....hoping this is the case for my buyer...vy/lk

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