Will I qualify for the $8,000 Home buyers credit?

[debden]

I'm buying a home with another person who already owned a home.I've never owned/bought a house before.Will I be eligible for the $8,000 credit even though the other person has owned a home before or does everyone on the mortgage has to have this their first home buying experience?
Sorry I didn't word that very well but I'm sure you know what I mean.
Thanks.
Debbie

 

[The Mystery Machine]

I am going to take a stab at it and say no. You would need to buy the house on your own to qualify, is my guess.

 

[MAGGIED]

No you will not if the deed / title is in both names...

 

[debden]

Thanks to both of you for your responses.I had the feeling that I would not qualify.Darn.
We couldn't qualify for enough with just me on the mortgage.That $8,000 would have really come in handy.
I guess I'll have to figure everything with out it.
Thanks again.
Debbie

 

[java]

Actually this is from the Tax credit website

"For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

So I think there is hope!

 

[golfgal]

If this person hasn't owned a home in the past 3 years they qualify as a 'first time homebuyer' too.

 

[debden]

Actually this is from the Tax credit website

"For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

So I think there is hope!

Wow thanks.It sounds like there might be hope for me after all!!
And thanks golfgal for the info.Both come in handy!
Debbie

 

[DMickey28]

Good Luck ... everyone said what I was going to say! We are in the process of buying our first house right now.