Comments on: How To Legally Get The First Time Home Buyer Tax Credit If You Are Presently In A Lease Purchase or Lease Option Deal

By: Things to Consider When Looking at Rent to Own Homes Listings

Things to Consider When Looking at Rent to Own Homes Listings — Fri, 02 Jul 2010 23:14:27 +0000

[...] to help you out as you review rent to own home listings.First, some basics. Rent to own and lease to own homes are the same thing for all practical purposes. The term lease option is also often used [...]

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By: Lease with Option to Buy Homes - Lease Option - Lease Options

Lease with Option to Buy Homes - Lease Option - Lease Options — Wed, 16 Jun 2010 18:28:45 +0000

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By: Vincent Polisi

Vincent Polisi — Tue, 16 Mar 2010 21:29:57 +0000

Tim:

Not to split hairs or get into semantics, but lease options and lease purchases do not qualify for the tax credit. The contract structure has to be either a contract for deed, land contract or installment sales contract that is specifically in compliance with the IRS’ Installment Sales Contract Guidelines (which ours are). So, yes, a “lease/purchase type” contract can be written now and qualify you for the tax credit IF, and this is a big IF, it is either a contract for deed, land contract or installment sales contract that is specifically in compliance with the IRS’ Installment Sales Contract Guidelines. If it is a standard lease purchase agreement, it will not qualify for the tax credit.

To answer your other question, yes, with us, the tax credit can be used towards the down payment requirement utilizing our Down Payment Assistance Program. The caveat here once again is that the contract you will sign will be a contract for deed, not a lease purchase contract and obviously, you will need to qualify for the tax credit.

I hope that helps. Let me know if we can help you.

By: Tim Glass

Tim Glass — Tue, 16 Mar 2010 21:18:57 +0000

1. Can a lease/purchase type contract be written now and still qualify for the tax credit?

2. Can the tax credit be used toward the down payment on a lease/purchase contract?

By: Nathalie kendrick

Nathalie kendrick — Mon, 01 Feb 2010 18:38:27 +0000

I would like to have a phone number to reach you