BEV! 0 Report post Posted April 7, 2010 Hi,I just have a question for those who know about "First time home buyers". ( I don't want to give the wrong advice so here it is)I have contacted a gazillion agents/realtors locally in my area to ask for advice but none are answering their cell.. why can this be? I've no idea! Anyway, here's my question. I have a prospect T/B who wants to buy a house through the "First time home buyers" program.But what she wants to know is if she qualifies.. she and her husband have never bought real estate before BUT they bought a mobile home back in 1985 here in California.. she said that 6 yrs later, they filed for bankruptcy and did NOT include the mobile home in it BUT walked away from the mobile home and let it go. Will she qualify for the first time home buyer program to purchase a home this year? Or is the mobile home considered real estate? Thanks,Bev! Share this post Link to post Share on other sites
Kimberly 0 Report post Posted April 7, 2010 I have a prospect T/B who wants to buy a house through the "First time home buyers" program.But what she wants to know is if she qualifies.. she and her husband have never bought real estate before BUT they bought a mobile home back in 1985 here in California.. she said that 6 yrs later, they filed for bankruptcy and did NOT include the mobile home in it BUT walked away from the mobile home and let it go. Will she qualify for the first time home buyer program to purchase a home this year? Or is the mobile home considered real estate? Thanks,Bev! What is the definition of a first-time home buyer?The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. Source: http://www.federalhousingtaxcredit.com/faq1.php#1 Share this post Link to post Share on other sites
BEV! 0 Report post Posted April 7, 2010 Way to go Kimberly!!Great Job.Thanks for the information. It answered my question BEV! Share this post Link to post Share on other sites
