IRS  sets guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.

Home-owning parents of an adult child, co-signs for a mortgage and both names appear on the note, under some circumstances, the first-time home buyer can qualify for the whole amount say the IRS.

The  parents do not qualify for any portion of the credit, but if the child has not owned a home during the three years preceding the current purchase and can qualify based on income, they can be allocated the entire $8,000 credit.

Unmarried individuals that co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.

Check with your local IRS office for more information.