Is being co-signer for student loan affects my credit score and cut maximum amount that I can possibly borrow?
I’ve become a co-signer for $ 20000 student loan for my son, who’s not a US citizen or permanent resident yet.
I have a perfect credit history and mortgage free properties. I’m planning to sell them off and move to California, buy property there. And I will need a big credit line.
Is being a co-signer decreases the amount I can borrow in the future? Thank you.
Question about First Time Home Buyer Credit:
I’m a California resident for the past 10years. I bought a vacation home in India few years back and deducted the mortgage interest paid on my vacation home on my tax return. The loaning bank from India doesn’t provide 1098 forms but I kept the records of interest paid.
That said, I bought a primary residence in CA this year in Feb10. Am I eligible for First Time Home Buyer Credit.
I read as long as I didn’t own a primary residence, I’m eligible but the question is since no 1098 forms were submitted for my previous returns, there is a chance that my previous ownership could be considered a primary residence.
Am I eligible in this scenario. If so how to communicate in my tax return the details of my previous ownership.