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Hello

I’m planning to buy a home this month (contract signed in a week and closing by end of may) – but the seller wants to leaseback the house till august. This is going to be my first home and primary residence.

Will i still qualify for the first time home buyer credit? Are there are risks?

3 Thoughts on First time home buyer credit question with leaseback?
  1. Reply
    Juila
    July 19, 2011 at 8:27 am

    yeah that’s what mine is doing too. As long as you have a ratified contract before April 30th and close before June 30th then you’re ok.

  2. Reply
    reenzz
    July 19, 2011 at 9:13 am

    No. The home must be your primary residence. Renting it out for any length of time would disqualify you from the credit.

  3. Reply
    Landlord
    July 19, 2011 at 10:09 am

    No, you will not qualify, you have to move in by June 30, you can not rent it out. You need to refuse this if you want the credit. Or agree with an additional cash payment of whatever credit they are screwing you out of.

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