Posted on: 02nd Sep, 2009 02:37 pm
i was approved for an fha loan of 85,000. looking at the first time homebuyers credit. the home i chose was not fha approved so my father purchased it i've fixed it up and now ready to buy it from my father and i find out i do not qualify for the first time homebuyers credit because the residence can not be purchased from a parent. my question to you is this........would the quit claim deed work for me if my father was willing to quit claim it to someone else and then i buy it from them? and is there enough time to complete all these transaction by the dec. 1st deadline?
Hi glrweggy!
Welcome to forums!
In my opinion, it is possible for your father to quitclaim the property to someone else and then you can buy the property from that person. But you should note that the first time homebuyer's tax credit will expire on 30th November. So you will have to speed up the process of buying the property in order to take advantage of this tax credit.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In my opinion, it is possible for your father to quitclaim the property to someone else and then you can buy the property from that person. But you should note that the first time homebuyer's tax credit will expire on 30th November. So you will have to speed up the process of buying the property in order to take advantage of this tax credit.
Feel free to ask if you've further queries.
Sussane
Hi glrweggy,
Welcome to our forum.
If you father transfer property to someone & then you can purchase from him to qualify for first time home buyer tax credit because you can't qualify for first time home buyer tax credit if you purchasing home from your parents.As Smith say's you have to hurry up for this process.
Thanks & Regards.
gunz.ijistaff
Welcome to our forum.
If you father transfer property to someone & then you can purchase from him to qualify for first time home buyer tax credit because you can't qualify for first time home buyer tax credit if you purchasing home from your parents.As Smith say's you have to hurry up for this process.
Thanks & Regards.
gunz.ijistaff
