Is a mortgage required to acquire the $8,000 due credit?
Just wondering if you have to finance a spanking new home purchase with a mortgage in directive to take advantage of the $8,000 rates break?
I'm in a position where I can purchase a home and hold it privately financed through the seller where I won't hold to finance with a traditional mortgage....simply wanted to see if I would still qualify or not.
Thanks!
Answers:
Sure - as long as it is your first or none in the past 3 years.
Whether you pay for it beside sea shells by the seashore or green stamps or fha mortgage or private financing or doesn`t matter what registers as nothing; as long as you pay at lowest 80K for your home and meet the criteria of first time buyer or not owning a home in the final three years then you are good for the 8K. All you do on the form 5405 is put down the date of closing and gross price rewarded for the home-period. Good luck.
No, you do not need to help yourself to out a mortgage to pay for the home. Any means of financing it is legitimate.
One caution though, with salesperson financing: Title must pass to you at closing. If this is a land contract, sometimes call a contract for deed, you are a tenant until the final payment is made. In that casing, you would not be eligible unless title passes to you prior to Dec 1, 2009.
You should as long as you can write the interest sour on your taxes and you are a first time home buyer.
A mortgage isn't required, but if you're buying on land contract where the title isn't transferred until after 11/30/09, it wouldn't qualify.
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I'm in a position where I can purchase a home and hold it privately financed through the seller where I won't hold to finance with a traditional mortgage....simply wanted to see if I would still qualify or not.
Thanks!
Answers:
Sure - as long as it is your first or none in the past 3 years.
Whether you pay for it beside sea shells by the seashore or green stamps or fha mortgage or private financing or doesn`t matter what registers as nothing; as long as you pay at lowest 80K for your home and meet the criteria of first time buyer or not owning a home in the final three years then you are good for the 8K. All you do on the form 5405 is put down the date of closing and gross price rewarded for the home-period. Good luck.
No, you do not need to help yourself to out a mortgage to pay for the home. Any means of financing it is legitimate.
One caution though, with salesperson financing: Title must pass to you at closing. If this is a land contract, sometimes call a contract for deed, you are a tenant until the final payment is made. In that casing, you would not be eligible unless title passes to you prior to Dec 1, 2009.
You should as long as you can write the interest sour on your taxes and you are a first time home buyer.
A mortgage isn't required, but if you're buying on land contract where the title isn't transferred until after 11/30/09, it wouldn't qualify.
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