First Time Home Buyer Tax Credit Scenarios
I typically pass off specific tax credit questions to a tax advisor or CPA. So when a Realtor asked me today about a co-signer on an FHA loan, and if the first time buyer still qualified for the tax credit, I thought "yes", but wanted to make sure.
A quick drop by to the IRS site (IRS.gov) and a few clicks and I found my answer. The first time buyer with a co-signer DOES qualify for the tax credit.
For a list of other scenarios that may help buyers understand, check out this link to the First-Time Homebuyer Credit scenarios on the IRS website.
Steve Kappre is a mortgage loan officer in New Jersey with Treasury Mortgage, a subsidiary of Aurora Financial Group. For more info check out:
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Treasury Mortgage - 550 Bridgeton Pike, Mantua, NJ 08051 - 1810 Springdale Road, Cherry Hill, NJ 08003
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Thanks, Steve. It is certainly wise to defer to the CPA or other tax professional, but I'm happy you found and shared the answer. THanks again.
That is really good to know. And great news for the buyers who need that tax credit!
Great info Steve - I want to put together a First Time Homebuyer seminar - are you in?
Margo - I'm glad I found it too!
Lisa - I'd think they are very happy knowing this. The agent was!
Bridget - Most likely. I have one in February but that is my only one planned so just let me know.
Great post Steve and thanks for the links!
Charles - Most welcome.