| The first time home buyer tax credit is made available | | | | homebuyers. The rules provide that anyone will be a |
| after the present Obama administration took a big leap | | | | first-time buyer if he or she has not owned a principal |
| in reviving the declining market of housing realty. This | | | | residence for three after buying a house. If you owned |
| tax credit is part of the stimulus package approved by | | | | a vacation house that is not your principal residence, |
| the federal government to resuscitate the ailing US | | | | you can apply for the tax credit. Married couples must |
| economy. Some of the home buyers can have the | | | | fit to the definition. But the rules on married couples are |
| $7,500 tax credit available for them if they are qualified | | | | vague because the rules did not provide if the situation |
| in the mentioned tax credit qualifications. | | | | occurs where only one is qualified and the other is not. |
| So if you're planning to buy a mobile home you can | | | | 2. You must have a $75,000 modified gross income, or |
| take advantage of the tax credit the federal | | | | MAGI, on your federal tax return if you are married |
| government offers to would be home buyers like you. | | | | head of a household or single. If you're filing a joint tax |
| But you must be certain that you understand all the | | | | return with your wife, your MAGI must be $150,000. |
| details of the tax credit before you apply for it. | | | | 3. If you have more than $75,000 MAGI and if you're |
| First time home buyer tax credit is available only if you | | | | single or married head of household, you may get a |
| buy a mobile home as your principal residence. This | | | | partial credit subject as long as it is below $95,000. |
| means that your mobile home will be the home where | | | | The same applies for the second category, where |
| you plan to reside almost all of the time. This tax credit | | | | your joint tax return indicates a MAGI of more than |
| is also available to principal purchase of a condominium, | | | | $150,000 but less than $170,000. MAGI beyond the |
| town house, houseboat or a detached house as long | | | | marked limits will be not qualified for a tax credit. |
| as it is your principal residence. Accordingly, your | | | | 4. You cannot apply for a first time home buyer tax |
| mobile home must be in the US. Please keep in mind | | | | credit if you bought your home before April 9 2008. |
| that it is not eligible if you buy your mobile home from | | | | 2009 home buyers are likely to have the tax credit. |
| your parents, or siblings. | | | | To further your knowledge about the first time home |
| Although mobile homes fall under the category of | | | | buyer tax credit that is currently being offered by the |
| qualified homes for availing tax credit, there are other | | | | federal government, you should visit the nearest |
| requirements you should take into consideration to | | | | authorities in your state. You could also learn |
| avoid waste of your time and effort in applying the tax | | | | information related to this in the net. You can benefit |
| credit. Here are the following qualifications necessary | | | | much from this opportunity, but you must seek advice |
| for your application: | | | | and make plans to avoid credit problems in the future. |
| 1. The tax credit is only available to first-time | | | | |