$7500 tax credit- first time homebuyers


#1

I received a fax from mh manufacturer outlining this portion of new fed housing program. AGI $150,000 or less.Home-only mh’s do qualify. New or used, as long as it is primary residence, and buyer has not owned a home within the past 3 years. Example: buyer earns $60,000 yr, pays 4500 in fed income tax. He can get all $4500 back in 2009. and remainder of his $3000 back in 2010. He then must repay-interest free with each years tax return 15 year term.


#2

Shawn,

I received the same info from the statewide park owner’s association to which I belong. It sounds good but I don’t know how to explain to potential buyers. I don’t fully understand it myself and most of the people I deal with are not terribly sharp when it comes to tax matters.

Rolf

Wheat Hill MHC

(330) 426-9558


#3

I believe this tax credit is capped at 10% of the purchase price of the home. I looked at this last (got the same info last week that Rolf did) and we’re going to try to make this a marketing tool for selling homes. Unfortunately, it doesn’t help buyers get into homes today (like the stimulus check did). Also, this money has to be paid back to the government, so its really a zero interest government loan, according to the information I read.

But it can be pitched as another benefit of buying versus renting.

Karl


#4

The blurb I was sent didn’t mention the 10% of purchase price stipulation.