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?
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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.