Does the new $7500 housing tax credit apply to any type of residence or just houses?
Aug 25, 2009
in
Commercial Property Loans
I’m planning on buying a commercial property and living in an apartment in the top floor. I’d hate to miss out on a free loan, though.
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2 comments
rdenoch on August 25, 2009 at 2:36 am
The law defines "first-time home buyer" as a buyer who has not ownded a principle residence during the three-year period prior to the purchase. As long as it becomes your principle residence and your local zoning allows for it, then you should be good to go. Consult your tax advisor on the detials.
shadyteke on August 25, 2009 at 2:36 am
Just remember the loan is not free. It needs to be paid back over 15 years.