Wednesday, July 7, 2010

Can you still get the $8,000 tax credit by, buying a house for sale by owner?

Can you still get the $8,000 tax credit if you buy a mobile home house for sale by owner?Can you still get the $8,000 tax credit by, buying a house for sale by owner?
As long as the deed is in your name and you did not buy it from a relative you will qualify. You do not have to have a mortgage, use an agent, etc.Can you still get the $8,000 tax credit by, buying a house for sale by owner?
The method of sale is not relevant. As long as you qualify on all counts (not buying from a relative, 1st time homebuyer for all parties, etc.), and the IRS accepts a mobile home as a residence (which it has in the past), then you are fine.





Just as a warning, the tax credit is for 10% of the purchase price of the home or $8,000, whichever is less, so if the mobile home is, say, $25,000, you will only get $2,500.
only if it is deeded as real estate. Homes in parks in most cases are just chattel

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