Can I buy a house if my parents ask me as a dependent?

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My mother now claims me as a dependent, and as such, I get all their medical and dental are phenomenal. But I want to know is the “charge” status in no way prevents me from this, a conventional mortgage (or unconventional)? I can stop one person to load, but that would mean I have to lose too much in medical services and start planning sie.Ich pay monthly, get a loan of more than 100k and have about 20k for a down payment and a another 3k for closing costs, if that helps. I also do about 25k a year, I am a full time student and pay most of my expenses (even if my house with my mother). Again, this is not really a question of whether I get the target amount of my loan, but if they give me nothing without the name of my mother befestigen.Ich have no student loans, no car loans, and I pay my credit card balance in full each month. I save at least $ 500 per month. My Experian credit score is 765th

3 Comments
  1. Reply
    Katie W
    May 1, 2011 at 2:44 am

    You’ll have to read the documentation for her benefits to find their requirements for coverage; every company is different.

    If you pay most of your expenses, then legally you are not a dependent for tax purposes, and the IRS may decide to have a few words with you and your mother if they audit you. If you make too much you legally would not be a dependent according to tax rules either (not sure of the boundary lines there, http://www.irs.gov would have more information). The definition of “dependent” according to your insurance company can differ, though.

  2. Reply
    AM-NM centaur
    May 1, 2011 at 2:47 am

    Your may be a little short on income to qualify for an $ 80K loan. With little credit history, the bank will let you spend about 33% of your gross income on your mortgage (PITI – principle, interest, taxes, and insurance).

    $ 25K is $ 2000 per month and an $ 80K mortgage would have payments of about $ 700. So you are boarderline. Talk to your local bank or contact a mortgage banker (not mortgage broker).

  3. Reply
    Craig T
    May 1, 2011 at 3:31 am

    If she is claiming you as a dependent on her insurance and you meet those requirements then what does that have to do with buying a house?

    If you are talking about her claiming you as a dependent on her tax return, you better examine that closely.
    You must be under 24 as of Dec 31
    You must be a full time student
    YOU must not provide more than half (50%) of your own support for year

    That last one is the one that is likely to disqualify you from being her dependent. You said you pay most of your own expenses, if so then you don’t meet all 3 requirements

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