What is the name of your state (only U.S. law)? Iowa
I was looking for a place to rent some time back and was told of an opportunity to buy the condo for much less than the rent. He told us if we buy the place we can use the first time home buyers tax credit as our downpayment. We were desperate at the time and just jumped into it without giving it much thought. Now I am wondering if this is even legal and what we should do if it isn't. If it isn't how do we get out of it?
I would appreciate any advice.
I was looking for a place to rent some time back and was told of an opportunity to buy the condo for much less than the rent. He told us if we buy the place we can use the first time home buyers tax credit as our downpayment. We were desperate at the time and just jumped into it without giving it much thought. Now I am wondering if this is even legal and what we should do if it isn't. If it isn't how do we get out of it?
I would appreciate any advice.