Updated over 8 years ago on . Most recent reply
First time home buyer privilege, but on inherited property
My grandfather and then my mom put my sister and my name on the deed to my grandfather's home. However, I want to purchase my own home. Will my name being on the deed of this inheritance cause me to miss out on using a first-time owners mortgage opportunity? I don't want to lose my inheritance, but I want to buy my own home. What is out there for people in my situation if I can't use first-time home privileges?
Most Popular Reply
You are considered a first time home buyer if you haven't owned or purchased a home within the last 3 years. Since they added you to the deed you are considered a homeowner.
Also, there are potential tax consequences for "adding" children to title versus inheriting the property. You should speak with a CPA at some point.