Posted on: 04th Jan, 2014 05:29 am
My grandmother is getting older preparing her assets in case she passes. She wants to add me to her deed in case she dies to give me her house, but me and my husband are planning to buy a home using first time home buyers loan. if she adds me to her deed will that disqualify me for the first time homebuyers loan for us now? If so is there some way she can still leave her house to me in the event of her passing, but it not affect me and my husband until she passes so that we may still try to buy our own home until she dies?
First time home buyer loans are gone. Lenders are no longer offering incentives to first timers. So it really does not matter.
The only time when being a first time buyer, comes into play, is when you are using a government or state grant for down payment or closing cost assistance.
Other than that, there are no first time home buyer incentives.
The only time when being a first time buyer, comes into play, is when you are using a government or state grant for down payment or closing cost assistance.
Other than that, there are no first time home buyer incentives.
Hi tash!
Welcome to the forums!
Yes, if your name is added to a property, then you will not be considered as a first time home buyer any more. She can will the property to you so that you can claim it after her death.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Yes, if your name is added to a property, then you will not be considered as a first time home buyer any more. She can will the property to you so that you can claim it after her death.
Feel free to ask if you've further queries.
Sussane
Getting your grandmother's house far outweighs any benefits you would ever get with any first time homebuyer mortgage program.
About the only benefit these days with any first time homebuyer is help with down payment in the form of grant money or forgivable second mortgages. If you inherit the house and sell it, you will have more money for down payment and closing costs than you would get with first time buyer mortgage help.
About the only benefit these days with any first time homebuyer is help with down payment in the form of grant money or forgivable second mortgages. If you inherit the house and sell it, you will have more money for down payment and closing costs than you would get with first time buyer mortgage help.
