Do I qualify as a first-time home buyer?
by Mortgage Rates on Tuesday, November 23rd, 2010 | 2 Comments
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The new legislation extends the credit to long-time residents of the same main home if they purchase a new main home. To qualify, eligible taxpayers must show that they lived in their old homes for a five-consecutive-year period during the eight-year period ending on the purchase date of the new home.
Your partner may qualify under this new legislation if she owned the home more than 5 years. You would not qualify as either since you are no longer a “new” buyer and you weren’t on the mortgage for 5 years.
You can ask your mortgage company to be certain. If you purchased the new home after November 2009, I am very surprised that your real estate agent or your mortgage lender didn’t ask you about this since you say you have already purchased the new home.
No you do not qualify for the First time homebuyer tax credit.
You might qualify for the upgrade credit of 6500