Am I a first-time home buyer - if I financed a mobile home??

Question

OK. So I have one mortgage company telling me that I would be considered a first-time home buyer since even though I have an existing mortgage for my double-wide mobile home (NOT considered real estate since it's "moveable"). But I have the tax people saying, I don't think so.

So am I a first-time home buyer if:

1. The only home I have owned was in essence a vehicle (mobile home) since I have no deed but a vehicle registration
2. I have a mortgage on the mobile home that I can deduct interest paid on my tax return

The reason I want to know is: I have the opportunity to rollover an old 403(k) account in to an IRA and I can withdraw that money later, penalty-free, to buy a new home IF I'm a first-time home buyer.

I pay property taxes in a round about way via lot rent, not on the mobile home itself. This is new york state, if that helps anyone. Thanks! : )

Answer 1

If you are paying property tax on the mobile home, then you are already a home owner, so you are not a first-time buyer. If you are not paying annual property tax on it but are paying some kind of annual registration fee as for a vehicle, then you don't own any real property because of the mobile home.

How "mobile" the home is is completely irrelevant. It all depends on how it is taxed.

Answer 2

The laws will vary, but it usually depends if the mobile home is attached to the land, and has a writ of attachment, (document saying now its a home).

Answer 3

you're probable not eligible, yet wait and notice what your tax guy or woman says. maximum probable seeing which you have owned and lived on your cellular homestead for 15 years you're viewed a house proprietor and do not qualify for the 1st time homestead shopper's credits. despite if, you have owned and lived interior the cellular homestead long sufficient to qualify for the present house proprietor's $6500 tax credits. could desire to have owned and lived on your popular place of abode for 5 of the final 8 years and purchase a clean homestead with an prevalent purchase grant with the help of four/30/10 and close and occupy the hot place of abode with the help of 6/30/10.