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My husband and I are wanting to purchase my aunts home. Do we qualify for 1st time home buyers stuff

my aunt is wanting to down grade and is wanting to sell us her home for what she owes to the bank.  Do we qualify for the 1st time home buyer tax credit or and of those types of loans or grants thingsThanks.
  • August 28 2012 - Powell
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Answers (5)

Email me and I can refer you to a couple of lenders that can help you with that. There are many options for down payment assistance progragms where you can end up paying $0 for a down payment depending on where you are planning to purchase a home.
Make sure your aunt does not have you assume the loan because that can make the whole process a little more complicated with the lender that she holds her mortgage through.
If you want the downpayment assistance just have it be a normal sale and purchase.
Let me know if I can be of help!
  • September 21 2012
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Profile picture for JamesKuang
The Federal program for first time buyer tax credit is gone.  However, sometimes the city you are buying in may have a special program.  Go to their website or call and check. 
  • August 29 2012
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Profile picture for Ofe Polack
Have a word with at least two mortgage brokers, who will look at your fiancial background and ascertain the best program for you to purchase your aunt's property.  Good luck!
  • August 29 2012
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Profile picture for Sharon Lewis
Talk to a lender , we can only generalize on these public forums. If you sit with a lender they can see what you can afford etc and make some good suggestions.Like the previous person said there might be some local state incentives you might qualify for too. 
Best of luck to you
  • August 29 2012
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Profile picture for wetdawgs
The Federal first time home buyer's tax credit is long gone, but there may be some local down payment assistance programs.  Each one has different limits and rules. 

If she wishes to sell you the home for what she owes to the bank, you should make sure you get an appraisal to know if what is owes is more or less than the market value of the home.     If there is equity in the home, she may have tax consequences for the gift so she should talk with her accountant.
  • August 28 2012
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