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  #1  
Old 10-08-2009, 02:29 PM
Junior Member
 
Join Date: Oct 2009
Posts: 1

First time home buyer credit...is this legal?


Minnesota:
I want to take advantage of the first time homebuyer tax credit but here's the situation.

My dad owns the property (bought it on a line of credit)
My girlfriend and I rent from him (have been since he bought the property)
Could he sell the property to my girlfriend on a contract for deed...
and then I purchase the property from her (non-relative) with a traditional mortgage to receive the credit?

My girlfriend takes the MN rental reiumbursement credit from him...I do not.

Would this situation work if he sold the property CFD to my sister and I later (prior to December 1st 2009) purchase it from her?
  #2  
Old 10-08-2009, 04:14 PM
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Join Date: Apr 2002
Location: snowland
Posts: 6,836
Your making a bigger mess of it than it has to be , first speak to a mortgage lender to learn if you can qualify to buy it with a regular mortgage IF you cannot get one and your dad could pay it off so he would have the right to sell just talk to your dad about you buying it on a CD from him alone, WHY you alone , well what do you think will happen if every thing in your relationship blows up and your not on the CD? are you willing to lose any effort and or money you put into a home thats not yours ?
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