My wife and myself are just getting out of college this year. We both are in the field of education, and quite truthfully we are up to our eyeballs in student debt loans, and living in pretty bad place at the moment.
Quite truthfully, we do not come from very well off families. At this point we are looking at options to get out of the neighborhood we are living in.
Our job prospects are few this summer, and the upcoming fall. Doubtful either of us will get a job, highly likely though we will be able to substitute plenty.
Looking at our options, it would appear perhaps one our cheapest and best choices would be to get a Mobile Home. I hate to knowing that they only go down in value, but I don’t see a other option.
Also I don’t want this big tax relief on first time home buyers to go away before we make our move.
So question is, will this also apply to Mobile homes, or does this only apply to a proper house?
Finally, does anyone have any good websites where I might find some more information on this tax relief for people in our economic position? I am tired of the drugs, not being able to go out past 9 at night, etc etc. So any help would be wonderful.
Thanks
The best option would be to rent, not to buy. The credit isn’t worth it if it limits your flexibility. What if jobs opened up in 2 years in another city? What would you do? Don’t tie yourself down yet. Prices are still coming down, you won’t be throwing money away.
And it’s UP TO $8000. If the purchase price is less than $80,000, then it’s 10% of the purchase price. Most mobile homes are less than that. You must also live in the house for 3 years or you have to pay it back. If you are struggling now, you may not qualify for a mortgage — the credit doesn’t help you there.
on Jul 23rd, 2009 at 10:19 am
NO.
Mobile homes are personal property, not real estate.
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on Jul 23rd, 2009 at 10:51 am
What 15,000 dollar tax? There is a 8,000 first time home buyer credit….
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on Jul 23rd, 2009 at 11:22 am
There is an $8000 first time home buyer tax credit but you get that after you purchase the home. And yes, mobile homes do qualify.
What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences
http://www.federalhousingtaxcredit.com/2009/faq.php#10
This tax credit expires Dec 1 2009 so you have to buy soon. Also, it is 10% up to $8000 so if you want the full amount you have to spend at least $80,000.
Sorry to hear about your troubles, I hope things get better for you.
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on Jul 23rd, 2009 at 12:06 pm
The best option would be to rent, not to buy. The credit isn’t worth it if it limits your flexibility. What if jobs opened up in 2 years in another city? What would you do? Don’t tie yourself down yet. Prices are still coming down, you won’t be throwing money away.
And it’s UP TO $8000. If the purchase price is less than $80,000, then it’s 10% of the purchase price. Most mobile homes are less than that. You must also live in the house for 3 years or you have to pay it back. If you are struggling now, you may not qualify for a mortgage — the credit doesn’t help you there.
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on Jul 23rd, 2009 at 12:40 pm
It is not an 15k tax credit, it is a 8k one. Second, if you do not have a steady job history for 2 years, you are not going to get a loan.
You sound as if you need to get some firm footing underneath you before you start to look for a house. It isn’t the end of the world if you have to wait and miss out on the tax credit.
I highly doubt you would find a lender that would be able to help you in your situation anyways.
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