1st Time Home Buyer Credit

[duanecpa]

I have a client that did the following:

1. Husband and Wife purchased their 1st home on 4/30/2010.
2. In order to obtain financing, the parents (who have had their home for years) of the husband 'cosigned'
3. I just received the documents from the Title Company and there are 4 names listed as borrowers and 4 names listed as purchasers - husband and wife who purchased their 1st home and mom and dad of the husband

Is the Husband and Wife who purchased their first home eligible for the 1st Time Homebuyer Credit?

Thank you.

[solomon]

Yes, they can take credit because it will meet the §121 criteria as their principal residence as well as them being the beneficial owners.