Can you get the 2009 tax credit for first time home buyers if you assume a loan?
June 10th, 2010 by admin
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3 Responses to “Can you get the 2009 tax credit for first time home buyers if you assume a loan?”
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You need to check the papers – most loans are not assumable. When the mortgage company finds out – and they will find out – they will call the loan due immediately.
I believe there is a prohibition on receiving the tax credit if you buy a house from relatives.
How you finance the purchase is irrelevant. However since you are purchasing the home from your spouse’s parents you are NOT eligible for the First Time Home Buyer’s Credit. Even if you took out a new loan or paid cash, you’d still be ineligible. Sorry, but that’s the rule.