Been reading about the $8,000 tax refund for first time home buyers. We have several long time renters who just can’t qualify in time for a new mortgage. I’m thinking a wrap-around mortgage might work. Give them rent credits for time served and use the tax refund to make up 10% down. They can have what’s left. What do you think?  Leave you comment today.

Here’s one of the FAQ on the official website.
10.  What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It doesn’t specify the type of financing?

http://www.federalhousingtaxcredit.com/2009/faq.php

http://www.federalhousingtaxcredit.com/2009/pdf/HUD_Mortgagee_Letter_2009-15.pdf

Leave me your thoughts below.