Can you owner-finance a home to another buyer if you still enjoy a mortgage on it?
And if you CAN, would that buyer be eligible to receive the First Time Home Buyer Tax Credit?
Answers:
you need to read your loan or yak to your lender. this may be prohibited pursuant to your loan agreement. it may actually trigger the entire loan due immediately.
Only if your current mortgage lender permit such, and chances are very low that it does. Most mortgages indicate that such is irrelevant. Yes, the buyer could get the first time homebuyer credit if he qualifies contained by all other respects.
Yes, you can sell it "subject to" your mortgage. However, most mortgages contain a provision that says if title (ownership) change they have the option of calling the loan due.
realtor.sailor Source(s): I'm a Realtor
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Answers:
you need to read your loan or yak to your lender. this may be prohibited pursuant to your loan agreement. it may actually trigger the entire loan due immediately.
Only if your current mortgage lender permit such, and chances are very low that it does. Most mortgages indicate that such is irrelevant. Yes, the buyer could get the first time homebuyer credit if he qualifies contained by all other respects.
Yes, you can sell it "subject to" your mortgage. However, most mortgages contain a provision that says if title (ownership) change they have the option of calling the loan due.
realtor.sailor Source(s): I'm a Realtor
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