Buying through a 2nd party

[mblanton1023]

What is the name of your state (only U.S. law)? Kentucky

Can my parents purchase a home and then sell it to their child under some type of contract and the child be the legal home owner?

Thanks for you help with my question...

Mike

[FlyingRon]

Certainly. Of course without any indication as to what you're trying to accomplish it is not sure how good of an idea it may be. Certainly, large problems exist if the child is a minor.

[mblanton1023]

I am the child in question...I'm 37 and I have credit problems due to medical bills which is causing problems getting a lender to work with me. The house is $48,000 and I have $10,000 to use as a down payment, but finding a reasonable mortgage is proving to be very difficult. I am trying to complete a deal in time to be eligible for the federal tax credit.

[Zigner]

Originally Posted by mblanton1023

I am the child in question...I'm 37 and I have credit problems due to medical bills which is causing problems getting a lender to work with me. The house is $48,000 and I have $10,000 to use as a down payment, but finding a reasonable mortgage is proving to be very difficult. I am trying to complete a deal in time to be eligible for the federal tax credit.

To my knowledge, the federal credit doesn't apply between "close" transfer (ie: parent/child, etc)

[HomeGuru]

Originally Posted by mblanton1023

I am the child in question...I'm 37 and I have credit problems due to medical bills which is causing problems getting a lender to work with me. The house is $48,000 and I have $10,000 to use as a down payment, but finding a reasonable mortgage is proving to be very difficult. I am trying to complete a deal in time to be eligible for the federal tax credit.

**A: have parents buy home for cash then sell it to you with a discount of the purchase price in the amount of the tax credit you would have gotten.