100 Rural Housing Loan
Problems with buying a commercial-zoned home?
We are first time home buyers, and I’ve fallen in love with a home that was renovated from a 100+ year old small town bank. It is in the towns “downtown” area, and the front may be used as a small business or office, but the rest of it is set up as a primary residence.
We were originally looking to use a Rural Development loan, but with the bank house being zoned commercial, it may not work, and we may have to look at other loan options.
My main question is this: Any definition I can find for qualifying for the first time homebuyers tax credit defines a home as a primary residence, and even houseboats and mobile homes qualify. Would something zoned commercial still apply as long as it is the primary residence?
get the form 5405 from www.irs.gov and see the questions that are asked and information required to qualify for the credit
it might be that the portion for residence may qualify so that you would have to portion the amount of the loan that was for residence, the amount of the value for residence etc. It might be separatable
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