Am I still considered a first time homebuyer?

Question

My mom had added my name years ago to her mortgage and title as a way to pass along our family home to me without any issues.

I have never purchased a home before and I am looking to get one later next year with my fiancee. Am I considered a first time homebuyer if I am on a title/mortgage with my mom on her house? I want to qualify for first time homebuyers programs. My fiancee would be a first time home buyer, herself. Thanks.

Answer 1

No, you have a mortgage.

If your fiancee buys, by herself, before you are married, she will qualify.

Answer 2

if signed the NOTE then no you are not. If you only signed the deed of trust you are

Answer 3

I doubt you were put on the mortgage, they would've had to refinance, you were likely added to the deed... If that is the case, yes, you would be first time home buyer.

But if it is in fact the mortgage you were added to (again, I doubt it though) no, you are not a first time home buyer.

Answer 4

You are not a first time buyer, since you already own a home.  That's pretty standard.  Sorry, you can't have your cake and eat it too.  By putting you on the title, your mom (and you) were trying to skirt tax law, you can't now expect to benefit from programs intended to help REAL first time buyers.

Whether your fiancee qualifying allows you to jointly access first time programs depends on where you are.  Some programs will allow  a partial first time status for the home, others will view it as non qualifying.