How Parents Can Help Adult Children Buy A Home..

How parents can help their adult children to buy a home and get $8000 in return.

If you are a parent with children of the age of 18 years or older you are eligible to help them buy their first home with you as a cosigner by using FHA financing. With FHA financing the down payment amount is only 3.5%. So instead of renting they can now have an option to buy with your help.For example if you buy a $100,000 home or condo your down payment would be $3,500. Once you have closed the home you are now eligible for the $8000 tax credit. Instead of waiting until next year to file your taxes your child can amend their taxes and get the $8,000 check from the government this year.Now as long as your child does not sell their home for the next 3 years then they do not have to pay back the $8,000 tax credit. This holds true whether you have one or more children. In my 20 years of helping first time home buyers buy a home I have never seen such a great way to help them get into a home for virtually no money of their own. It is like our government is paying us to help our kids buy their first home.

Check with your tax consultant for details.