As a Georgia resident attending a 2- or 4-year college, you may be eligible to take advantage of all the benefits of homeownership provides — including building equity, establishing credit, receiving tax benefits and eliminating stress caused by rent increases and lease terms.
At Brayden Capital Home Loans, we have access to a wide array of mortgage programs to help first-time homebuyers achieve
homeownwership. These loans offer easier qualifying guidelines, lower down payments and greater flexibility than many conventional
programs. They also allow single-family homes to be purchased with the assistance of non-occupant co-borrowers, which means your parents could co-sign for your loan, even if they won’t be living in the home.
Contact Russ Tanner at Brayden Capital today to get pre-approved and then contact Hank Bailey to assist in being “your Resource” for Athens, Georgia real estate!
http://www.athensgahomesforsale.com/first-time-home-buyers.aspx
IRS; Rules for Tax Credit Co-Borrowers, Parent to Child
The IRS has finally established guidelines for eligibility for the homebuyer credit when there are co-borrowers that purchase a home.
When a parent of an adult child who already owns a home co-signs for the purchase of a new home with their child, and both names appear on the mortgage, the IRS says that the first-time home buyer may qualify for the entire tax credit.
According to the IRS, the parent does not qualify for any portion of the tax credit, but if the adult child has either never owned a home or hasn’t owned a home during the previous three years and can qualify based on income, they can be allocated the entire $8,000 tax credit.
When unmarried homebuyers co-purchase a home together and only one of them is eligible for the credit, then the full $8,000 tax credit may be allocated to the eligible buyer.
As always, please consult a tax professional for advice before filing.
