Centennial Homes – Double Wide Manufactured Homes, Single Wide Mobile Homes, Modular Home Floor Plans

This notification is a reminder of the regulations regarding Section 11 of HR3548, Worker, Homeownership & Business Act of 2009. This is the bill that extended the tax credit for qualified first-time homebuyers purchasing a principal residence.  It also authorized a tax credit for qualified repeat homebuyers.

Please read the information below – Always refer to a tax advisor for specific questions about this information.

$8,000 First-Time Homebuyer Tax Credit

• Tax credit cap of $8,000 or 10% of sales price

• Must be a principle residence

• Could not have owned a home within 3 years prior to the closing date of a new purchase.

• Tax credit now applies to sales occurring on or after January 1 2009 and on or before April 30, 2010.  In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

• For homes purchased on or after January 1, 2009 and on or before November 6, 2009 the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

• Maximum sales price is $800,000

$6,500 Move-Up/Repeat Homebuyer Tax Credit

• Tax credit cap of $6,500 or 10% of sales price

• Eligibility requires buyer(s) to have owned and lived in their previous home for five consecutive years out of the last eight years as a principle residence.

• Available for homes purchased after November 6, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225, 000 qualify for the full tax credit.

• Maximum sales price is $800,000

Ineligible Home Buyers

• Non-resident aliens

• If property disposed of before the end of the tax year

• If property ceases to be principal residence before the end of the tax year

• If property is acquired from a person who is “related” to the homebuyer or if married, the homebuyer’s spouse (this rule was added to the HR 3548)

• Income exceeds income limits (MGAI Calculations)

• Less than 18 years of age

Types of Homes That Qualify

• Single Family

• Townhomes and Condos

• Manufactured and Modular Homes

• New Construction – (Note:  Date of occupancy is considered the closing date”)

** For More Details See:

http://www.federalhousingtaxcredit.com

Please consult a tax professional with any questions or concerns.