Does the new $7500 housing tax credit apply to any type of residence or just houses?

Question

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.

Answer 1

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.  

Answer 2

Just remember the loan is not free. It needs to be paid back over 15 years.