Well after debating this and trying to ask alot of people no one really knows…does anyone have the number to the federal first time homeowner customer service line? lol
Well here it goes
Ok in March of 2007 [03/28/2007] to be exact
I cosigned for my dad so he could purchased the current house i am in
Does this disqualify me for the tax credit?
in Feb of 2009 [02/19/2009]
I basically refinance the house and took him off the deed/mortgage so i am the primary and only owner of this property.
2. Can i qualify for this tax credit?
Do you automatically get disqualified if you cosigned for a loan. Technically i own the house in 2007 but i did live there. whats the verdict?
Owning any, even partial, interest in a house previously disqualifies you. I went through that also and I spoke to the IRS directly. Also buying out a property that you previously held an interest in does not count, it has to be the whole thing.
Word, I was in a similar situation. Inheriting 1/3 of my grandparents old house in 2007 disqualified me and buying out the other 2/3 would not make me eligible.
Or you could be me, and get fucked by getting an interest free loan for the money that you have to pay back over time or when you move out of the house.
I’ll be paying mine back in full next year when I move this year.
how does that $6500 credit work anyway…i have only lived there for 3 years…so that also disqualify me lol…wtf. give us cosigner/ 2.5 to 4.999 year home owner a break!
Co-signers do not hold ownership interest in a property, but are liable for repaying the obligation and must sign all documents with the exception of the security instruments. The co-signer’s income, assets, liabilities, and credit history are considered in determining creditworthiness for the mortgage and the co-signer must complete and sign the loan application.
