If I purchase a home on land contract or a purchase money mortgage and I am a first time homebuyer,do I
Answers (2)
i would not think so unless the transfer has taken place into your name. Check with the attorney who is drawing up the paperwork. Make sure your attorney reviews it, dont just take the sellers attonrneys word.
Web Reference: http://www.ScottSellsNH.com
FIRST ANSWER
I you purchase with a purchase money mortgage you should qualify. With a contact for deed I am not sure and you would have to check the regulation. My thought is that it would not qualify because ownership does not transfer until the deed and title transfers on the last payment.
Web Reference: http://www.keithmanson.firstweber.com
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