News

Tax Credit goes further when you work with a member of the MHBA

Jan 5, 2010
Posted In: General

First-time and move-up/repeat homebuyers may still qualify for the federal tax credit, but time is ticking away. Working with a modular builder is just about the only way to use these credits to build a new home within the allotted time frames.

You will need to finalize the contract for your new home prior to April 30, 2010 and take occupancy prior to June 30, 2010. Contact your modular homebuilder today to finalize a schedule and customize your new dream home! For a list of Member Builders, please visit our web site: www.ModularHomeBuilders.org

The government considers a first-time homebuyer to be someone who has not owned a principle residence during the three-year period prior to the purchase of a home. They define a move-up/repeat homebuyer as someone who has owned and lived in their home for five years in a row, out of the last eight years.

A qualified first-time homebuyer will receive 10 percent of their home's purchase price, up to $8,000.00. A qualified move-up/repeat homebuyer will also receive 10 percent of their home's purchase price, up to $6,500.00.

For either homebuyer, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify. The tax credit does not have to be repaid unless you sell your home, or it is no longer your principle residence within three years of the purchase date. For specifics to your situation, please contact your tax preparer or your builder.

The Modular Home Builders Association of Maine is proactive with issues affecting members, consumers, and public policy. The Association establishes and promotes practices and standards for excellence in homebuilding.

For more information about the benefits of building a modular home, please visit www.modularhomebuilders.org.