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Wesley Said:

Am I eligible for an $8,000 first time home buyer tax credit, if I assume a mortgage? Lender says its OK?

We Answered:

The financing has nothing to do with it. You just need an accepted offer and by 04/30/10 and you must close by 06/30/10.
If you qualify under the other guidelines of the first time home buyer's credit and the lender will allow you to assume, you don't have to get your own financing.

Melinda Said:

I have a different kind of mortgage for a first time homebuyer loan. Will I still get the credit?

We Answered:

It depends on how the current owner structures the deal. If he sets it up in ANY format in which title remains in his name, you will not qualify. (along the lines of a rent-to-own scheme)

Title must pass into your name(s) during the time period specified by the $8000 tax credit bill in order for you to qualify for same credit.

Misty Said:

Found a home that has equity is there a lender that will do first mortgage and debt consolidation in one loan

We Answered:

It is going to be tough to get more than the purchase price of the home. There are a few lenders who might be willing to lend 125% but the interest rate will be on the higher side.

You will not know for sure till you ask around and do your research. Use a site like Bills.com to get quotes from multiple lenders, that way you will know the chances of getting the kind of loan you are looking for.

You can put your information at:
https://www.bills.com/homeloan/purchase/