If a Parent (Who Will Not Live In The Property) Cosigns for a Mortgage, Will Their Child Still be Eligible for the Credit?

Yes, provided that the child meets the other requirements for the tax credit. 

Can a dependent on someone else’s tax return claim the first time homebuyer credit if they otherwise qualify?

No.  The new law that extended the deadline for qualifying home purchases from November 30, 2009 to April 30, 2010 added the restriction that dependents are not eligible to claim the credit.

Can Homebuyers Purchase a Home from a Step-Relative and Still be Eligible for the Credit?

Yes. As long as the person they buy the home from is not a direct blood relative, the purchase would be allowed.

Churchill Mortgage would be happy to assist you if you need a parent to cosign for a home loan or need to purchase a home from a step-relative.  Contact one of our Home Loan Specialist at 1-888-562-6200 for more information or to get pre-qualified for your loan.  Just make sure to have your purchase agreement signed by April 30, 2010 and the closing documents signed by June 30, 2010.