Home Buying in Fort Wayne>Question Details

Randy, Home Buyer in Fort Wayne, IN

If I purchase a home on land contract or a purchase money mortgage and I am a first time homebuyer,do I

Asked by Randy, Fort Wayne, IN Tue Dec 23, 2008

Qualify for the $7500 Tax credit

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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
0 votes Thank Flag Link Tue Dec 23, 2008
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.
0 votes Thank Flag Link Tue Dec 23, 2008
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