Posted on: 11th Apr, 2010 06:54 pm
i have been renting from my sister's property for the past five years. they no longer want a second mortgage to pay for so they have been trying to sell the house, but have not had any luck.
i thought about buying the house but don't have a down payment for it or money for closing cost.
my sister was thinking about refinancing and putting my name on it. would i still qualify for the first time home buyer credit since i have not owned a home before?
i thought about buying the house but don't have a down payment for it or money for closing cost.
my sister was thinking about refinancing and putting my name on it. would i still qualify for the first time home buyer credit since i have not owned a home before?
Hi lilspringroll,
As you will be refinancing the mortgage, you won't be able to qualify for the first time homebuyer's tax credit. Moreover, if you purchase a property from your family members, then you will not be able to receive this tax credit.
As you will be refinancing the mortgage, you won't be able to qualify for the first time homebuyer's tax credit. Moreover, if you purchase a property from your family members, then you will not be able to receive this tax credit.