Asked by cambridgeborn, Cambridge, MA • Sun Nov 20, 2011
My parents have co-owned a two family house in Cambridge for the last thirty years. The other owners are planning to sell their share and my wife and I, who are first-time home buyers, are interested in buying out their half of the house. Are we eligible for the same mortgage programs and tax benefits for first time home buyers if we are buying into a house that is already fully paid off? Are there benefits to condoizing the units before we buy into the house? Who are the best experts to answer these questions: real estate professionals? Lawyers?
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