If a borrower owns land with a mobile home on it, has occupied the mobile home as his/her primary residence and paid rent for it, are they a first-time homebuyer?
The issue of mobile homes can often be confusing when it comes to bond loan programs, but there are some principles in this area that will help bring clarification. If the land and the improvements (the mobile home) are taxed as real property-and the mobile home is permanently affixed to the land-then the borrower is NOT considered a first-time buyer. On the other hand, if the mobile home is taxed as personal property and is not permanently affixed, then he is a first-time buyer. Note: If someone takes a mortgage interest deduction on a mobile home that is not permanently affixed to the land, they are automatically disqualified from the bond program and not eligible for the bond program.
Related Questions
- If a grantee or subgrantee is assisting a client who owns a mobile home with lot rent, do the housing inspection and lead based paint requirements apply?
- If my home is under construction and I am living on the land in a mobile home, can the property quaify as my primary residence (3% "Tax Cap")?
- Is it possible to rent out primary residence without refinancing?
