WENDY J asked:
My husband and I purchased a home in April of 05. We separated in December of 05. I moved into a apartment at that time which would be considered my primary residence. He fought the divorce until Feb. 07 (he lived in the home). This is when my name was taken off the deed. The guidelines are did you own a primary residence in the past three years…which technically I did not. So do I qualify as a first time home buyer?
Ethel
My husband and I purchased a home in April of 05. We separated in December of 05. I moved into a apartment at that time which would be considered my primary residence. He fought the divorce until Feb. 07 (he lived in the home). This is when my name was taken off the deed. The guidelines are did you own a primary residence in the past three years…which technically I did not. So do I qualify as a first time home buyer?
Ethel
Phyllis
You owned a house within the last three years so you do not qualify for the tax credit. Doesn’t matter where you lived.
Comment by src50 — March 9, 2009 @ 2:20 am
Georgia
You probably will not qualify, since you WERE a homeowner until February 2007 at which time you were no longer an owner. The details of the first time buyer credit are yet being fully ironed out. Contact the IRS with your question for further guidance.
Comment by acermill — March 9, 2009 @ 12:45 pm
Lauren
Typically, you will be told that to be a first time home buyer, you cannot have had an ownership interest for the last three years. As an independent mortgage deeper in CA for the last 20 years, I was able to refine that understanding – it comes from knowing how the borrower is expected to document/prove having NOT done something. That is why special incentives for first timers require that you submit three years’ tax returns – one more than the usual requirement for loan approval. What they are looking for is Schedule A where anyone who has claimed an income tax deduction for mortgage interest on their primary residence for the last three years gets disqualified. When the 1098 arrived from the bank, was the total split between the two of you? Look back to your tax returns, if you claimed the deduction on your Schedule A, you will have to wait three years from the last time you deducted the mortgage interest to be born again as a first time home buyer. If you are buying with someone else, and they are a first time home buyer, then the two of you would be eligible as co-borrowers. So your 1040 is the primary determining document, not title records. I wish you the best of luck in your home hunt.
Comment by FinanceGalSF — March 11, 2009 @ 4:31 pm