I have a few questions regarding the First Time Homebuyer Credit, if anyone, Dogfish?, could provide some feedback, it would be much appreciated (and if things work out...would land you some access to crunktastic steelhead fishing)

Situation:
-I have never owned my own home.
-I have to live in employee provided housing at my place of work.
-My neighbor wants to sell me and my soon to be fiance, his property; 7+ acres, with 1996 manu. home, original 70+yr old home, multiple outbuildings, and approx. 1,500 ft. of river frontage (both sides of the river).
-I can't due to work situation/requirements, live at the site, though it is only .2 miles from my current residence.

Would/could I still qualify? Could the home be rented out, if for say, half of mortgage rate.

Am looking at putting 20% down, with a 15 yr. mortgage.

Thanks much, PM if you'd rather...
Eric