 franknnguyen
Joined: 18 Feb 2009
Posts: 1
1.30 Dollars($)
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 Posted: Wed Feb 18, 2009 1:26 pm Post subject: Loan Assumption and Tax Credit |
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I have never owned a home, and my sister is struggling with her mortgage. I am thinking to do an assumption of her mortgage and take over her loan. Does this process, Loan Assumption justify me as first time home buyer ? And Am I qualify for the $8,000 tax credit according to the new stimulus package?
Thanks. |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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| Posted: Wed Feb 18, 2009 11:47 pm Post subject: |
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Hi franknnguyen,
As far as I know, you will not qualify for tax credits if you assume the loan. If you were a first time home buyer and if the lender initiated a new loan in your name, then you could have received the benefits of tax credit.
Thanks |
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