The first time home buyer tax credit is made available after the present Obama administration took a big leap in reviving the declining market of housing realty. This credit is part of the stimulus package approved by the federal government to resuscitate the ailing US economy. Some of the home buyers can have the $7,500 credit available for them if they are qualified in the mentioned qualifications.

So if you’re looking for a mobile home for sale you can take advantage of the credit the federal government offers to would be home buyers like you. However you need to be aware that you know all the details of the credit before you apply for it.

First time home buyer tax credit is available only if you buy a mobile home as your principal residence. To be eligible your mobile home needs to be the home where you plan to reside nearly all of the time. This credit is additionally available to the principal purchase of a condominium, town house houseboat or a separated home as long as it is your principal residence. Accordingly, your mobile home must be in the US. Please keep in mind that it is not qualified if you purchase your mobile home from your father and/or mother or brother and/or sister.

Although mobile homes fall under the category of qualified homes for availing tax credit, there are other requirements you should take into consideration to avoid waste of your time and effort in applying the credit. Here are the following qualifications necessary for your application:

1. The tax credit is only available to first-time homebuyers. The rules provide that anyone will be a first-time buyer if he or she has not owned a principal residence for three after buying a house. If you owned a vacation house that is not your principal residence, you can apply for the credit. Married couples must fit to the definition. But the rules on married couples are vague because the rules did not provide if the situation occurs where only one is qualified and the other is not.

2. You must have a $75,000 modified gross income, or MAGI, on your federal tax return if you are married head of a household or single. If you’re filing a joint tax return with your wife, your MAGI must be $150,000.

3. If you have more than $75,000 MAGI and if you’re single or married head of household, you may get a partial credit subject as long as it is below $95,000. The same applies for the second category, where your joint tax return indicates a MAGI of more than $150,000 but less than $170,000. MAGI beyond the marked limits will be not qualified for a tax credit.

4. You cannot apply for a first time home buyer credit if you bought your home before April 9 2008. 2009 home buyers are likely to have the tax credit.

To further your knowledge about the first time home buyer credit that is currently being offered by the federal government, you should visit the nearest authorities in your state. You could also learn information related to this in the net. You can benefit much from this opportunity, but you must seek advice and make plans to avoid credit problems in the future.

First Time Home Buyer Tax Credit if You Buy a Mobile Home

Should you be thinking about a house purchase between now and Nov thirty, 2009, and you intend to live in your Winter Haven home for three years or more, then you simply must employ this true $8,000 tax allowance. Couple this credit with a minimal 3.5 % FHA mortgage downpayment or a real 100 % financed USDA Agricultural Development – and you seem to have a recipe for some heavy money savings.

To make absolutely sure you understand some of the key parts of this tax allowance, I have pulled together answers to 5 of the most often asked First-time Home Buyer Tax Credit queries I have fielded over the last months.

Who Qualifies for the $8,000 First-Time Home Buyer Tax Credit?

You are eligible to receive this tax credit so long as you adhere to the following:

• You have never owned a home – or, have not owned one in the past 3 years – determined by HUD 1 date when previous home was sold (Note: If married and you did not own a home within the last 3 years, but your spouse did, then you do not qualify)
• You have or will buy your home as a primary residence between January 1 and November 30, 2009
• You can show that if you owned a rental property or vacation home, it was not used as a primary residence over the last 3 years
• If you’re unmarried and you are buying the home with another person who owned a home within last 3 years but you did not, you can “designate” the tax credit to you – qualifying you as the First Time Home Buyer (FTHB)
• If your parents cosign on a mortgage (and own a home) and the you are the FTBH, then they are eligible for the tax credit.
• Non-US Citizens may qualify if they meet resident-alien status (IRS Pub 519)
• Revenue or Housing Bond financing are eligible for tax credits.

What Types of Properties are Eligible for the Tax Credit?

• Primary Residence – Single family, 2-4 units (must occupy one unit) town homes, condos, manufactured homes, mobile homes and houseboats.  Yes, houseboats!
• For new construction – The “Purchase Date” is the date that you begin to occupy the home (between Jan 1 and Nov. 30, 2009) Note: You can have owned land and be in the process of building.

What Income Limits Are Associated with the Tax Credit?

• $75,000 Single Person (Partial Credit up to $95,000)
• $150,000 Married Couple (Partial Credit up to $170,000)
• Totals are based on Adjusted Gross Income (AGI) line on IRS Form 1040, 1040A or 1040EZ

What Exact Amount is Awarded via the Tax Credit?

• You may be eligible to receive a maximum of $8,000, or the amount equal to 10% of home’s sales price – up to this amount. If you buy for $75,000, then you are eligible for only $7,500.
• Up to Maximum of $8000
• Partial Tax Credit if income exceeds $75,000 or $150,000

Does the Tax Credit Have to be Repaid?

• No.  As long as you stay in the home for a minimum of 3 years, you do not have to pay back the tax credit.
• Note: If you sell within 3 years, the entire tax credit needs to be repaid!

Need to make an application for the 1st time Home Buyer Tax Credit? Be certain to download and complete IRS First-Time Home Buyer Credit Form 5405.

As always, you want to talk with your tax pro per how this tax subsidy will impact your finances. Having said that, if you are intending to get a Florida home in the future – or any time up thru Nov thirty, 2009 – taking the $8,000 First Time Home Buyer tax subsidy is a no-brainer!