Expert: John - 10/12/2010

Question
I currently own a home, but would like to buy another home under a special government program for teachers.  This program offers a 50% off the price of the home.  You do not have to be a first time home buyer, the only catch is that you cannot own another property at the time of closing on the new purchase.  I was wondering If i started a LLC and put my home under the LLC if that would mean that I no longer own it and the business does?  Or do do have any other advice for me?  I referring to the teacher next door program too if you are familiar with that.

Answer
It would go under the business name, however, the owners would also be on the title.
Some of these programs have it that you can not own another house for 2 years.  Check the ownership rules to make sure.
Now if you do this, and if you get caught, you could be charged with fraud.
John




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