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Can you qualify for the $8000 rebate if you use owner financing

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We are hoping to get some owner financing.

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May 31 - Island Park

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Jim Paulson, "BoiseREbroker"
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Jim Paulson, "BoiseREbroker"

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I have good and bad news for you.
Good news is yes, you can still use owner finance or pay cash and still qualify for the tax credit!

Bad news is that manufactured homes are sold like cars (as personal property) not real property, so unless you own the land and have it on a permanent foundation and then also have it converted legally from personal to real property, would it qualify.

Another negative about buying mobile or manufactured homes as you already know is the difficulty in financing them. When it comes time to sell, expect even more problems since then the home will be even that much older and harder to finance next time around.

Best of luck!

Jim Paulson
Owner/Broker - Progressive Realty Corporation
Located "Virtually" Everywhere

[content removed by moderator for being self promotional]

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May 31

pesto2
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pesto2

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We are qualifying in every other area so far. The owner is willing to finance $60,000 at 6 percent. The home is manufactured and not on a permanent foundation so it is difficult to get a mortgage, We had tried last year and the rates were much higher because of that and it was so complicated it seemed. I am having to cosign with my son for him to quality. This rebate will significantly help him into a home.
Thanks for you reply and input.

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May 31

wetdawgs
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wetdawgs

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The tax credit does not specify the type of financing, so if you meet the other criteria you'd probably be fine even if you bought with cash.

Owner financing is really tough to get and tends to be at a far higher interest rate than traditional financing. Why are you interested in owner financing?

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May 31

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Question Do I qualify for $8000 tax credit if I have a cosigner?

Question To quaulify for the $8000 rebate does house have to be FHA approved and what does that mean?

Question Can you qualify for the $8000 rebate if you use owner financing

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

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Can you qualify for the $8000 rebate if you use owner financing

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Question Do I qualify for $8000 tax credit if I have a cosigner?

Question To quaulify for the $8000 rebate does house have to be FHA approved and what does that mean?

Question Can you qualify for the $8000 rebate if you use owner financing

Related Articles about Home Buying

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide About First-Time Home Buyer Tax Credit

Guide You've Opened Escrow

Guide Picking the Best Comps

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