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The Ohio Manufactured Homes Association
The Ohio Manufactured Homes Association (OMHA) is
a not for profit organization whose strategic vision strives to make manufactured
housing a standard way of life in Ohio. OMHA's Mission is to help people experience the
lifestyle associated with home ownership in the most economical way. Whether it's in a
planned community or on the land of their choice, manufactured homes exist to provide
comfort, safety and convenience in the most economical and desirable way.
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| Join us for the 2009
OMHA Annual Golf Outing |
Hosted by
July 7, 2009
8:30 a.m. Shotgun Start
(Registration begins at 7:30 a.m.)
*Rain or Shine*
PINNACLE GOLF CLUB
1500 Pinnacle Club Dr.
Grove City, Ohio 43123
www.pinnaclegc.com
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| Click here for Registration Info |
Click here for Sponsorship Info
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| New FHA Title I Loan Limits Effective Immediately |
FHA has signed and released a Mortgagee Letter to Title I lenders which announces an immediate increase to the loan limits under the existing FHA Title I program.
The key loan limit increase is the 'home only' limit which will rise immediately from $48,600 to $69,678. The increased loan limits fall under the existing Title I underwriting parameters and program, and will apply to all loan applications taken on or after the date of the Letter’s posting.
Any current FHA Title I lender will be eligible to originate loans under the increased Title I loan limits.
**Please note that the remaining changes to the Title I program, including underwriting guidelines and new insurance system, will become effective at a later date.
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Super Symposium on New FHA Regulations adds segment on Self Financing for Homes in Land Lease Communities (LLC) |
May 28, 3009 - The Ohio Manufactured Homes Association has scheduled a symposium for Thursday, July 30 in Dublin, Ohio on the new FHA Title I and Title II regulations. The event is hosted by 21st Mortgage and will feature Tim Williams, President of 21st Mortgage. Specific details of the FHA lending program will be presented.
The program is open to all industry members in the Midwest. Recently added to the agenda is a segment discussing how manufactured home communities can engage in financing their customers' home purchases.
Changes to the FHA Title I program are applicable to loan applications dated on or after June 1, 2009. However, comment period for the new FHA program regulations run through June 22 and final regulations will be issued soon thereafter. In some respects HUD got the cart before the horse and released the regulations with what 21st and other lenders consider serious legal flaws. Association lenders are in talks with HUD to correct the flaws and that is why we are not holding the symposium sooner than July 30th.
OMHA Membership Services Counsel Elizabeth Birch and Associates will also offer a legal seminar in the afternoon on the current topics of concern to land lease communities and retailers. (See enclosed agenda)
Attached please find registration forms, agenda, as well as sponsorship information. The low price of $79 is less than one would pay for a one hour of attorney advice. 8 hours of jam packed topics including 2 hours of free legal advice and details of the FHA and other lending programs by leading national experts and attorneys is a steal! Seating is limited.
Registration closes July 20th and you must pre-register and pay in advance to attend. For more information contact OMHA at 614-799-2340.
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| Congress Enacts Bigger and Better Home Buyer Tax Credit |
On February 17, 2009, President Obama signed legislation that revises and extends the tax credit provisions of The Home Recovery Act of 2008-H.R. 3221. Section 36 of The Act established a First Time Home Buyer Tax Credit for qualified purchasers. A part of the Economic Stimulus Bill created an $8,000 first time homebuyer’s tax credit.
Any home purchased, new or resale, which is used as a principal residence will qualify. The home may be a manufactured or modular home and may be on private property or leased land. For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
This credit is equivalent to 10 percent of the purchase price of the home. The purchase price if you are building a new home would include not just the home itself but also the lot, development costs and any closing costs. The tax credit is capped at $8,000 and applies only to first-time home buyers and principal residences. However, unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. However, those earning more than these thresholds may be eligible for reduced credits.
Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability. Refundable means that it can be claimed even if the taxpayer has little or no federal income to offset. Should that be the case, the IRS will issue a check to the homebuyer for the difference between the tax due and the amount of the tax credit. Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government.
To claim the credit or determine the size of your credit you must fill out IRS Form 1040 enter the amount of the credit as determined by filling out Form 5405. The credit generally will be equal to 10% of the purchase price up to a maximum of $8,000.
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INSTALLERS & INSPECTORS
Still need Continuing Education Credits? |
OMHA just announced new courses to be held at commission offices:
OMHC
5650 Blazer Parkway
Dublin, Ohio 43017
Tuesday, January 27, 2009
Tuesday, May 12, 2009
Tuesday, June 9, 2009.
Thursday, October 22, 2009
Tuesday, November 17, 2009
Tuesday, December 15, 2009
Limited Spaces Available!
Only $124 for 8 hours
(Lunch & OMHC fees are included.)
Reminder, The Ohio Manufactured Homes Commission Requires that ALL Installers & Inspectors earn 8 credit hours of continuing education every two years in order to keep a valid license!
David Zofko, Executive Director of the OMHC will be instructing the 8 hour course study. If you have already earned some continuing education hours, you will have the option to attend part of the class to fulfill your continuing education requirements.
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| CityScapes at Mills of Carthage |
| When the City of Cincinnati, Ohio, decided to revitalize the neighborhood known as Carthage by relocating an industrial plant, it chose to redevelop the site with new, affordable housing. However, li...
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Have a question about manufactured homes?
Find answers to your most common questions and discover the truths behind the myths! |
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NEED FINANCING?
Traditional Lending Institutions
Government Financing Options
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Order your free
consumer kit today! |
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Homes for Ohio is our consumer magazine containing manufactured housing information including
featured homes, local retailer information, and housing trends. Click here to request a consumer kit, which includes a complimentary copy of Homes for Ohio.
In addition, you can browse select articles online from the most recent edition of Homes for Ohio. Flip to the table of contents now!
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The Ohio Manufactured Homes Commission was established by the Ohio General Assembly with the support of the industry to
ensure safe and effective installations of manufactured homes.
Contact the Ohio Manufactured Homes Commission
Are you a member of OMHA? If so, log in to find out more about the OMHC!
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