We will be signing for our first home next week. The mortgage lender owned the house and this is for our first year, financing it himself, because of our credit points.

The second year, we are going to in house finance. Would we still qualify for the first time home buyer tax credit even though we have a different loan situation?

Thank you in advance for all helpful advice.

I need a bit of information here. I know as much as I can find about loan assumptions and have consulted with the VA. I have been in my house for about 2 years and am ready to move. My buddy will assume my mortgage (cut down on costs). My only question is this, will he be considered a first time home buyer and get his 8k tax credit? Or since he is assuming a loan is he not considered first time home buyer?