Contact Information: Contact: Rachael Biermann Agency: All Seasons Communications Phone: 586.752.6381
System-Built Home Buyers Take Advantage of 10 Percent Tax Credit
New Federal Program Gives First-Time Homebuyers a Tax Credit up to $8,000
OKEMOS, MI--(Marketwire - March 5, 2009) - President Barack Obama's $787 billion economic
stimulus package now includes an incentive for first-time homebuyers who
purchase a home between January 1 and December 1, 2009. The package now
includes a new refundable tax credit for first-time homebuyers equal to 10
percent of the home's purchase price up to $8,000. The tax credit is hoped
to boost sales in the distressed housing market.
To qualify for the tax credit, the buyer must be a first-time homeowner, or
a buyer who has not owned a residence during the three year period prior to
the purchase. Single taxpayers may not exceed adjusted gross incomes of
$75,000, and married couples may not exceed $150,000. If the credit exceeds
the taxpayer's tax liability, the taxpayer is able to receive a check for
the difference. The tax credit must be repaid if the first-time homebuyer
sells the home within three years.
The average price of a system-built home is just $55,900, allowing
homebuyers to take full advantage of the 10 percent tax credit ($5,590).
The tax credit is just one more reason homebuyers are choosing to purchase
a system-built home.
"Last year, system-built home sales in Michigan totaled 20,558 homes,
decreasing only 10 percent from 2007," said President of Michigan
Manufactured Housing Association Bill Lettinga. "Used system-built homes
are doing great in this housing market and are an especially great option
for the first-time homeowner."
System-built homes share all the same features as site-built homes, but
cost 10 to 35 percent less per square foot. With system-built housing, the
homebuilders purchase construction materials, including interior features
and appliances in large quantities to take advantage of volume pricing.
Those savings are passed onto the homebuyer.
For more information on system-built housing, visit www.michhome.org, call
800.551.1315 or contact the Michigan Manufactured Housing Association, 2222
Association Drive, Okemos, MI 48864-5978; 517.349.3300.
Contact us for FAQs on the homebuyer's tax credit.
Visit www.michhome.org/pr09-08_sales.html for the most recent system-built
home sales stats in Michigan.