Is a taxpayer who purchases a mobile home and places the home on leased land eligible for the first time homebuyer credit?

Yes. A mobile home may qualify as a principal residence and it is not necessary that the taxpayer own the land to qualify for the first-time homebuyer credit.

If a taxpayer purchases a mobile home (manufactured home) with land and qualifies for the credit, is the amount of the credit based on the combined cost of the home and land?

Yes. The first-time homebuyer credit is ten percent of the purchase price of a principal residence. The total purchase price (mobile home and land) is used to determine the amount of the first-time homebuyer credit.

Although, Churchill Mortgage does not have a program available to provide mobile home loans, we would be happy to refer you to someone who can assist you.  Feel free to contact one of our Home Loan Specialist at 1-888-562-6200 for more information.