First Time Home Buyer Questions.
Planning to buy first home. Planning to put own name only on house to benefit from the first time home buyer benefits. However, I might not be able to get enough mortgage lone by myself.
My options:
A)Put house under both myself and my brother and use two people for mortgage.
B) Have parents get a line of credit and pay a large down payment towards the house with only my name.
If i go with plan B, then in the future when my brother gets another house, it will still be considered first time home buyer for him. So my question is... which would be more beneficial? How much does one actually save by being a first time home buyer?
Also I heard something about the money used for down payment has to be in the persons' bank account for 60 days? Is this true? does that mean if my parent's want to help with down payment, they have to put that money in my account for at least 60 days before i purchase the house? If that isn't required, then could my parents just get a certified cheque and write that to the real estate company for the down payment even though the house does not have their name?
My options:
A)Put house under both myself and my brother and use two people for mortgage.
B) Have parents get a line of credit and pay a large down payment towards the house with only my name.
If i go with plan B, then in the future when my brother gets another house, it will still be considered first time home buyer for him. So my question is... which would be more beneficial? How much does one actually save by being a first time home buyer?
Also I heard something about the money used for down payment has to be in the persons' bank account for 60 days? Is this true? does that mean if my parent's want to help with down payment, they have to put that money in my account for at least 60 days before i purchase the house? If that isn't required, then could my parents just get a certified cheque and write that to the real estate company for the down payment even though the house does not have their name?