Gain from Buyer Tax Credit - 10/14/09
For Immediate Release
8:00A.M. PT, October 14, 2009
Fredrick J. Bond, SVP/Mortgage Division Manager
(San Luis Obispo,
First-time buyers can claim the $8,000 tax credit even if their parents are co-signing their loan. Having the parents’ credit backing up their loan application can make approval easier to obtain.
Savvy buyers can use this approach to help children purchase a duplex. Half of the property then can be rented out, while the children live in the other section.
Having rental income makes it easier to make monthly mortgage payments. First-time buyers also are becoming both owners and investors with the help of the tax credit and their parents.
Even if you don’t plan to purchase a duplex, buying now is easier due to the tax credit. Anyone who hasn’t owned their own home for the past three years is eligible for the $8,000 credit. But it’s important to act soon, since the credit is scheduled to expire at the end of November.