Zillow Advice: Home Buying - Can you qualify for the $8000 rebate if you use owner financing

I have good and bad news ...

Mon, 01 Jun 2009 05:48:00 GMT

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

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We are qualifying in every ...

Sun, 31 May 2009 22:39:00 GMT

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.

The tax credit does not specify ...

Sun, 31 May 2009 22:27:00 GMT

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?