If my dad owns a home and helps me buy my first home do I qualify for the first time home buyer tax credit?
By admin - Last updated: Thursday, January 7, 2010 - Save & Share - Leave a Comment
First time home buyers who qualify can receive up to $8,000 if they purchase a home prior to April 30, 2010 or are under contract to purchase a home by the April date and then close by June 30, 2010.
If a parent already owns a home but cosigns on a loan for their son or daughter and this is the son or daughter’s first home, the son or daughter would still qualify for the first time home buyer tax credit according to the IRS.
This is a great way for parents to help their adult children purchase their first home. If you would like to speak with a real estate professional in your area, contact me today and I will have an agent get in touch with you.