Home Buying in Waterloo>Question Details

Brittneyjo31…, Other/Just Looking in Waterloo, IA

If you buy a house on contract will that qualify for the first time home buyers stimulus package?

Asked by Brittneyjo3106, Waterloo, IA Mon Jul 6, 2009

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Assuming that you mean you have submitted a contract on a home, I have to answer. The conditions of the stimulus are that you have CLOSED on the home by November 30, 2009. If you don't close the deal by hen, you lose out. GET MOVING!
1 vote Thank Flag Link Tue Jul 7, 2009
Yes, I dont know why this is so hard for people to answer. Per the IRS land contracts and contract for deeds are a form of financing. As long as the buyer recieves the benefits and the burdens of home ownership(i.e. property tax and intrest witeoff). The IRS has published a new note on this topic- July 2nd,2009
0 votes Thank Flag Link Fri Jul 10, 2009
That depends on what kind of "contract" you are talking about. If you are talking a rent to own situation, probably not unless you intend to close on the purchase this year. There are guidlines for the tax credit and they must be followed in order to take advantage of the program. I have posted an excellent source below for those wondering about qualifying for the program.

http://www.federalhousingtaxcredit.com/2009/faq.php
0 votes Thank Flag Link Thu Jul 9, 2009
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