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Updated almost 8 years ago,
Seller financing counting as first home buy?
Myself and my fiancée are currently living in a condo that needs a fair amount of work. It is owned by a family friend we have always helped her out with this unit, we've managed it in the past but when her tenants did not pay we moved into with the intention of fixing it up. After some analysis we figured out it would be a decent deal to purchase and the owner hates dealing with it and is open to selling.
We are looking at seller financing it for about $25,000 at 4-6% over 30 years. My question is will this count at our first home buy? We want to invest in a duplex in the future to house hack but we want to try and get first time home buyer benefits when from what I understand means lower interest and much lower money down than standard .
Thanks everyone !