hello all,
i was wondering if anyone knew if a purchase made using seller financing/owner financing would qualify for the $7500 first time home buyer tax credit?
additionally i am wondering about lease purchase agreements. would they qualify as well?
thank you in advance.
i was on hold with the IRS for a million years but found out that YES you can claim the $7500 First Time Home Buyer Tax Credit if you are using seller financing.
Lease Option tenant-buyer must exercise the purchase option and complete settlement before before July 1, 2009 for the purchase to be eligible for the tax credit. Tax credit is limited to 10% of purchase price, or $7500 whichever is less.
she told me specifically owner/seller financing is considered a purchase…
i see where a lease option would not qualify because it is essentially a lease with an ‘option’ to purchase.
but she was clear that houses purchases where the seller finances does qualify.