Comments on: Friday Q & A: First Time Home Buyer Tax Credit http://totalcandor.com/blog/2009/05/friday-q-a-first-time-home-buyer-tax-credit-2/ A Conversation About Income, Wealth, and the Steps in Between Sun, 25 Dec 2011 17:20:47 -0800 http://wordpress.org/?v=2.8.5 hourly 1 By: Michael http://totalcandor.com/blog/2009/05/friday-q-a-first-time-home-buyer-tax-credit-2/comment-page-1/#comment-138572 Michael Fri, 29 May 2009 23:22:33 +0000 http://totalcandor.com/blog/?p=577#comment-138572 @Jon: Nothing matters but the transfer of the title. Take title before 12/1 get credit. Don't and get nothing. That's what you have to negotiate around. It will depend how flexible you and the owner can be with each other to get it done. For what it's worth, if this is too much of a stretch (which it sounds like it might be), don't get your dream townhome first - get one you can comfortably afford and avoid all these complexities. That's truly your best option. You'll sleep better even if it isn't the home of your dreams. @Jon: Nothing matters but the transfer of the title. Take title before 12/1 get credit. Don’t and get nothing. That’s what you have to negotiate around. It will depend how flexible you and the owner can be with each other to get it done. For what it’s worth, if this is too much of a stretch (which it sounds like it might be), don’t get your dream townhome first – get one you can comfortably afford and avoid all these complexities. That’s truly your best option. You’ll sleep better even if it isn’t the home of your dreams.

]]> By: Jonathan S http://totalcandor.com/blog/2009/05/friday-q-a-first-time-home-buyer-tax-credit-2/comment-page-1/#comment-138564 Jonathan S Fri, 29 May 2009 22:00:25 +0000 http://totalcandor.com/blog/?p=577#comment-138564 Consider me your typical renter looking to make the leap to a home or condo ownership. I found a dream townhome, for sale by a private party - they are open to consider a lease to own or other financing options. My question is it possible to start a lease to own this year and be eligible to the credit? Or I know you mentioned elsewhere a transfer of title is required, is there a way to structure a lease-to-own property to transfer the title to be eligible? Or perhaps some kind of mortgage arrangement with the existing owners? I'm curious if I have any options here or am plum out of luck and stuck renting another year. Thanks, -Jon Consider me your typical renter looking to make the leap to a home or condo ownership. I found a dream townhome, for sale by a private party – they are open to consider a lease to own or other financing options. My question is it possible to start a lease to own this year and be eligible to the credit?

Or I know you mentioned elsewhere a transfer of title is required, is there a way to structure a lease-to-own property to transfer the title to be eligible? Or perhaps some kind of mortgage arrangement with the existing owners? I’m curious if I have any options here or am plum out of luck and stuck renting another year.

Thanks,
-Jon

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