Date posted: November 20, 2009
I bought a home in October; I never owned one before. My mom cosigned the mortgage (she owns her own home) and is on the title to my home. Can I qualify for the first-time homebuyer credit?
I bought a home in October; I never owned one before. My mom cosigned the mortgage (she owns her own home) and is on the title to my home. Can I qualify for the first-time homebuyer credit?
— Submitted by Debby
The first-time homebuyer credit can be claimed by any owner who qualifies. If two or more owners qualify, the credit is allocated among them in any reasonable way. If only one of the owners qualifies, he or she can claim the full credit. Having a cosigner or guarantor on your mortgage or a coowner on the title doesn't disqualify you. As long as your modified adjusted gross income is below the limits for your filing status, you'll be able to claim the credit.
