First Time Homebuyer?

**reykrauss** · 09-01-2010, 10:41 AM

Hello all. Thank you for stopping by.

If someone bought a mobile home through seller financing and wishes to sell the mobile home to buy a detached home, will they be considered first time home buyer?

How is an individual considered a buyer - through the recording of a property or through the lender? The current owners think they are still legible for the first time home buyer credit because they did not get a loan through a lender.

Thank you one and all!

Rey Krauss

**allancole** · 09-01-2010, 10:23 PM

Bank on the Massachusetts foreclosure center to stop foreclosure right in its track.

**MaritesT** · 09-02-2010, 01:00 AM

If you are an individual who'll never have a home, and finally you will buy it just for the first time. It is also consider a first time home buyer.

**Greg** · 09-02-2010, 07:42 AM

The first time home buyer's tax credit is history so your people are receiving bad info from someone.

Plus, if the tax credit comes back they would be lying to the IRS to commit tax fraud which has serious consequences should they get caught.

**Luxury Homes Tampa** · 09-03-2010, 02:21 AM

If you have no ownership interest in a principal residence during the three-year period preceding the purchase of the security property, then you could be known as a first time home buyer.

**jason_simpson** · 09-04-2010, 01:00 AM

The purchase does not need to be a traditional home in order for the individual to qualify as a first-time homebuyer, but it must be the principal residence. For example, it could be a houseboat that will be lived in. The maximum amount that may be distributed from the IRA on a penalty-free basis for this purpose is $10,000. This is a lifetime limit. For married couples, the limit applies separately to each spouse. This means that the combined limit for a married couple is $20,000.