Posted on: 18th Feb, 2009 12:26 pm
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.
Thanks.
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
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