Home Buying in 29067>Question Details

Bhin01, Home Buyer in 29067

I have a mobile home in my name that I live in now. Will I qualify as a first time home owner?

Asked by Bhin01, 29067 Wed Jun 24, 2009

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The IRS defines a first time buyer as anyone who has not owned a home in the past 3 years. It doesn't matter that it's a mobile home. You currently own a home and would not qualify as a first timer. However, I've heard that there is currently a new bill under review that may extend the tax credit to all home buyers, not just first timers. Keep an eye out for that. Good luck!
2 votes Thank Flag Link Wed Jun 24, 2009
Actually you cannot have owned a principal residence in the last 3 years. For example if you own a house that you have been renting out for the last 3 yrs and you have been living in a rental yourself you would qualify. This person does not qualify on the basis that she lives in the mobile not that she owns it.
0 votes Thank Flag Link Thu Jun 25, 2009
Wanted to verify that what Chris wrote is write. You can not own anything right now even if you dont live there and then qualify for the tax credit.

0 votes Thank Flag Link Wed Jun 24, 2009
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