First time home buyer privilege, but on inherited property

[Lavern White]

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?

[Christopher Phillips]

@Lavern White

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.