Need help understanding.... (mortgage, mortgage, townhome, home) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

Josci · 03-02-2009, 07:53 AM

I bought my townhome a few years ago. I got married last summer. I am assuming that we will not qualify for the tax credit credit because I am a current home owner. My husband is not on the deed, but since we married we are not able to get the credit even though he would be a first time home owner buying our first home together.

Is that right?

2bindenver · 03-02-2009, 07:54 AM

Can he buy the home without you on the mortgage?

Josci · 03-02-2009, 08:14 AM

He technically could be the only on the mortgage and deed, but we file our taxes jointly...I am not sure if that matters.

Josci · 03-02-2009, 08:48 AM

Someone told me that if I have owned my current home for over 3 years that I qualify for the credit when purchasing my new home?

Silverfall · 03-02-2009, 08:55 AM

No you can't have owned a home for three years. You won't qualify and yes if one spouse has owned a home it disqualifies them.

That rule was in the original tax credit and did not get changed with the new credit.

Josci · 03-02-2009, 08:59 AM

Okay, thanks...I just wanted to make sure.

Norsky1 · 03-03-2009, 09:33 AM

Thanks for clarifying that, i was curious of that too.

gbone · 03-03-2009, 11:33 AM

Quote:

Originally Posted by Josci

Someone told me that if I have owned my current home for over 3 years that I qualify for the credit when purchasing my new home?

That "someone" had it backwards. If you haven't owned a home in three years then you could qualify for the credit.