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Can the Home Buyers tax credit be used with a "rent-to-own" purchase of a house?

If a person is buying a house with a "rent-to-own" contract, does that transaction qualify for the Federal Home Buyers tax credit?

Public Comments

1. No, not until you have signed an agreement to purchase the home. At this point, it sounds like you are only renting it. Although you are renting-to-own it, at this point, you can still choose not to go through with buying it, so you are only renting at this point and would have to actually go into the purchase phase to qualify for the Home Buyers tax credit. When you get to point of applying for the mortgage to purchase the home, look into the First Time Home Buyers credit.
2. Only if the deed is signed over to you. You must be the registered owner by April 30th