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This is a great question. The time to ask it is before someone becomes a co-borrower with a child, not after the parent dies. The answer must be provided by someone that knows the total scenario and is competent to answer these types of questions. With the limited information you can provide here it is not possible to give a specific answer to your
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It's on page 224 of the seller's Guide Part B, Origination Through Closing Subpart 2, Eligibility Chapter 3, Occupancy and Property Eligibility October 30, 2009 http://www.efanniemae.com/sf/guides/ssg/
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First let me say that I am so sorry for your loss. I would recommend that you seek out advice from a competent probate attorney to determine your options. Generally speaking a property owner is not responsible for any note they did not sign. But that doesn't mean the lender may not be able to foreclose on the property and take the property from
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While there are many issues that may arise with this transaction, Fannie Mae allows group homes occupied by the purchaser to be treated as a owner occupied loans. Of course lenders may have their own overlays.
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Please consult your tax adviser about your specific situation. Here is an answer in the Q&A about the first-time homebuyer credit to consider from the IRS web-site : "S8. A qualifying taxpayer bought a home in August 2008 that needed a lot of work before occupying. They finished the renovations and moved in the home in January 2009. Can they
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Angela, First let me say that you need to ask your tax/legal adviser again to get a clear answer that applies specifically to your situation. But here are some observations. [quote user="Angela Meyer"]In 2006 my mother added my name to the title of the home (not sure if this is relevant???). [/quote] This is extremely relevant. It sounds like
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Thanks for posting that information Lily.
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Lily, These questions are very technical in nature and can not address your specific situation. Please contact a tax professional for tax advice. Generally speaking, the definition of a "first-time homebuyer" eligible for this credit is someone that has not owned a home used as their principal residence in the last three years. There is no
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Cameron, MND published a link to the NAR Government Affairs Division where they specifically answer this question: "Question : I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?" "Answer:
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[quote user="Lily zhu"]How about keep the one owned for 5 years as principal residence, and buy another one for rental purpose, will that qualify for tax credit?[/quote] No. [quote user="Lily zhu"]How does IRS know that the new house just bought is for principle residence?[/quote] Because the taxpayer is required to tell them. The