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Question for the Money Doctors

Question submitted on Apr 2, 2013.

Question

My Fiance and I would like to eventually purchase a home together. He already owns a condo, but I do not own any property, making me a first time home buyer.

What would be the benefits of having the home purchase be done under my name? Would those benefits be affected if he had his name on the purchase as well? Are there any disadvantages? What other things should I be aware of as a first time home buyer?

Answer

The first time home owner credit has expired. The only credit available at this time for home purchases is known as the mortgage credit. This credit has income and geography limitations. See details of this credit in publication 530 at the following link:

http://www.irs.gov/pub/irs-pdf/p530.pdf.

The aforementioned publication as well as the following website contains useful information on things you should consider as you think about buying a home:

http://www.360financialliteracy.org/Topics/Home-Ownership/Buying-a-Home?life_stage=113


For additional information visit http://www.360financialliteracy.org/