Home Buying in Ohio City>Question Details

Bron Price, Home Buyer in Hattiesburg, MS

I currently own a rental property. I am getting married in September and my fiance qualifies as a first time

Asked by Bron Price, Hattiesburg, MS Tue May 12, 2009

home buyer. Is it possible to sell my property to her and close before we get married in September to take advantage of the $8000 tax credit?

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7
if you have not owned a primary residence (owner occupied) for 3 years,you can qualify as a first time home buyer. For example if you have been living in a rental while renting out the home that you own,you are okay.
1 vote Thank Flag Link Wed May 13, 2009
yes if she would be the buyer only
0 votes Thank Flag Link Thu Jan 30, 2014
Hello Bron Price,

It is always better to buy a house when you are renting a house you are only making the landlord rich and paying off their house . The same money that your paying in rent you could be using to buy or pay off your own house . Even if you have bad credit and had have problems in the past their are ways and people out there that can help thier is a business in cleveland ohio that helps people like these and others that are looking to buy . Here is a link to the website below

http://clevelandohio.usapropertywholesale.com/
0 votes Thank Flag Link Thu Feb 24, 2011
yes before you get married.

TJ
0 votes Thank Flag Link Wed May 13, 2009
Bron,

Yes! As long as you use the home as your primary residence. That is one requirement of the tax credit, for more information read http://activerain.com/blogsview/986311/attention-1st-time-ho… .

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0 votes Thank Flag Link Wed May 13, 2009
From what I understand about the $8000 tax credit, it must be used for a personal residence. Therefore, if your fiance is going to use the rental as her residence, the tax credit would apply if she bought the rental from you. If you have any more questions, go to http://www.BuyNowFreeMoney.com It is a website created by Coldwell Banker Heritage to answer questions about the tax credit
0 votes Thank Flag Link Wed May 13, 2009
The first time home buyer tax credit only applies to a primary residence, I don't know what your plans are after you get married, but just because you yourself don't qualify for a first time homebuyers tax credit doesn't mean that after you get married she loses the right to claim to the credit if the two of you purchase a home together and hold title jointly. Also to consider that on Tuesday May 12th, 2009 the secretary of HUD announced that FHA lenders will be able to allow those that qualify for the first time home buyers tax credit to use that credit as a down payment at closing rather than having to wait until next years tax filing to claim the credit. I hope this helps
0 votes Thank Flag Link Tue May 12, 2009
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