First time home buyer

[HBurkholder]

Am I correct on this? First time buyer purchasd a mobile home on a rented lot last August for $30,000. They are now purchasing a home for $175,000. My understaning is that they are disqualified for the $3000 loan because they have not lived in the mobile for 3 years. They are not eligiable for the $8000 because they owned the mobile. This is in PA where mobiles on rented lots are taxed as real estate. This does't seem right but this is the way I understand the rules.

[Lion]

Loan

Well, technically they qualify for the loan but have to repay it early because they did not reside there long enough.

[Gretel]

Am I correct on this? First time buyer purchasd a mobile home on a rented lot last August for $30,000. They are now purchasing a home for $175,000. My understaning is that they are disqualified for the $3000 loan because they have not lived in the mobile for 3 years. They are not eligiable for the $8000 because they owned the mobile. This is in PA where mobiles on rented lots are taxed as real estate. This does't seem right but this is the way I understand the rules.

I agree with your conclusion about the $8000 tax credit. Mortgage interest on the mobile qualifies as home mortgage interest.