My husbands parents are offering to sell us their vacation home as our first home. Would we qualify for the first-time buyer credit?
Not anymore. The original first-time buyer credit law nixed the credit if the home sale was between related parties, but there was a loophole for the situation you describe. Since you are not related to your husbands parents except by marriage you could have qualified for the credit assuming you bought the home jointly. The new law, however, puts the kibosh on that, effective for purchases after November 6, 2009.
