Q: My son and his girlfriend, both age 23, are looking to purchase a house together. Is that allowed? He has little to no credit – hers is good, can he even qualify? Are there any 1st time home buyer incentives/rebates for them?
A: Yes, 2 people, married or not, can buy a property together. Yes, if it a 1st home & they enter into a purchase agreement before 4/30, there could be a huge tax incentive (10% of the purchase price up to $8000, whatever is less). Now, qualifying for a mortgage could be a whole other issue. I suggest, having both of them meet with a mortgage broker/lender. That way, they can find out for sure what they would be able to do (& the costs associated with it, closing costs, monthly pmt, etc). It could be that only one of them would qualify for a loan & that might change the ‘plan’. The next step, if they choose to take it, would be to hire a ‘buyers agent’ as a REALTOR to get them what they want in the time they want.
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