The key here is this. Is the second purchase your PRIMARY residence?
If you live in the home 24/7...not a vacation home...you use this address for your mail and primary residence, then it IS your primary residence. That fulfills the obligation in the rules for the tax credit.
Have a clean credit record.
You would have to 'buy' the house from your parents, but if you can qualify for a loan, there shouldn't be a problem.
Yes. A lien will show up on your credit record whether you paid cash or mortgaged your property.
Verify that everything on the reports is accurate and report any errors to the credit agency that published the report. You can actually help your credit score by correcting the errors. Sometimes this effort will raise your score up sufficiently to enable you to qualify for a traditional home loan mortgage
Generally yes, if you qualify as to your ability to pay and your credit score and if there is equity in the property.
“what is the income to qualify for house repair program? ”
Yes. My husband had credit card debt from before we got married and purchased out house. It turned into a judgment lien and not it's attached to the house we bought together even though the house is in both our names and I had nothing to do with the credit card.
The very first step is to find a mortgage company and see what amount of loan you can qualify for. They will need to pull your credit report and look at your finances. After you know what you can qualify for, then it's time to house hunt.
There is currently an $8000 tax credit to those who purchased a new house in 2009. However, this tax credit only applies to new home buyers, previous home buyers will not qualify for this credit.
There is no average credit score for people purchasing a house. Since the credit score is not the only criteria being evaluated,a person with an excelellent credit score, say above 700, but with inadequate income would not qualify for a loan. Since there are so many factors at play, determining an average is nearly impossible.
John and you bought a house
Used car dealers often have onsite financing or in house payment plans. These are good choices for people with credit poor enough to not qualify for car loans.