My father is 66 years old. I will buy my parents a condo and put them as joint tenants. I alreay have a single family home. The condo will be my parents' primary residence. My mom is baby-sitting our son as a job.
Are they eligible for senior and home owner tax exemptions in IL?
HEATHER
Favorite Answer
No. They are tenants. It is an investment property owned by you as far as the government is concerned.They don't own, so no homeowner exemption. They aren't senior homeowners so no senior exemption. I do think that is great of you to do that for them tho.
Anonymous
Illinois is not any different than another state. There are not any first time homebuyer classes anymore. once you're a veteran you will get a nil down very own loan, or in case you pass USDA (Rural Developement) yet homestead must be interior the sticks. FHA calls for 3.5% down, generally used is everywhere from 5% to 20% down. There are additionally remaining expenses to pay. in case you won't manage to have the money for to a minimum of positioned 3.5% down you're actually not waiting to purchase.