This is a question for the CPA's in the audience: Assuming two people want to pool their resources to purchase a home, and one of them is a first-time home-buyer, would it be possible to create a trust (with the first-time homebuyer as trustee) and allow the trust to purchase the property?

I'm not a CPA, but the IRS form says if two unmarried people buy a house, the buyers can allocate the $8,000 credit to any buyer(s) that are eligible for the first time home buyer credit.  So, if one of you is eligible he/she can claim the whole thing. 

http://www.irs.gov/pub/irs-pdf/f5405.pdf

"If two or more unmarried individuals buy a main 

home, they can allocate the credit among the individual 

owners using any reasonable method. The total amount 

allocated cannot exceed the smaller of $7,500 ($8,000 if 

you purchased your home in 2009) or 10% of the 

purchase price. See Purchase price on page 3. 

Note. A reasonable method is any method that does not 

allocate all or a part of the credit to a co-owner who is 

not eligible to claim that part of the credit."