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Question on the Housing Stimulus

Started by redbarn, February 18, 2009, 09:08:14 am

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redbarn

In August of 2008 my daughter bought a house for 50,000 dollars.  Her credit was shot so we bought the house in my name with no money down and she makes the payments of 443.00 per month on a 15 year loan.  As I understand it she does not qualify for the 7500 dollar interest free loan even if I redo the loan into her name and simply co sign for her since she would essentially be buying the house from me, her father.  However, I am unclear about the new stimulus as to whether she would qualify for the money she would receive if we redo the loan and I co sign for her during 2009.  Would she be able to receive the stimulus if we put the house in her name for 2009 or are there restrictions on the 2009 stimulus similar to the 2008 stimulus  which would prevent her from being able to claim the credit?  If she could get the stimulus she could use the money to put on the loan thus reducing the principal amount owed which would be around 5000.00 since I believe it is 10 percent of the homes value. 
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