How do we take advantage of the tax credit (loan, refinance, loan)

[kqstiger]

Okay, this gets tricky. My fiance purchased his first home in Nov of 2008. He would be eligible for the 7500k credit.

Now we are about to refinance and I will be on the loan with him. This is my first home. We close next month. We are considered "individual owners".

How can we take advantage of the 8,000k tax credit?

[dad2jules]

Doubt you can because you did not buy a house, you were added to title.

Just because it is a closing it is not a purchase.

[jodyrose]

Sorry, but you cannot take advantage of the new tax credit unless you alone purchase a new home. Your fiance took advantage of the 2008 credit program which unfortunately has to be paid back. The new program doesnt have to be paid back unless you sell within 3 yrs. It does not cover refinances and I dont really understand? why you would want to refinance after only owning the house for less than a year.

Originally Posted by kqstiger

Okay, this gets tricky. My fiance purchased his first home in Nov of 2008. He would be eligible for the 7500k credit.

Now we are about to refinance and I will be on the loan with him. This is my first home. We close next month. We are considered "individual owners".

How can we take advantage of the 8,000k tax credit?

[kqstiger]

To get a better rate. We would be going from 6.125 to 4.625.

[AndrewSoss]

Originally Posted by jodyrose

why you would want to refinance after only owning the house for less than a year.

huh?