Gulf Coast Homes

Gulf Coast Homes

Gulf Coast HomesGulf coast homes Inc.

Gulf Coast Homes Inc. has been providing affordable housing to our friends and neighbors in South Louisiana for over 40 years. We founded the company with one goal in mind: meeting the community’s need for affordable housing without sacrificing quality or world-class service. It continues to be our mission today. We have made the dream of homeownership a reality for thousands.

We look forward to continuing the tradition of service that has made our company prosper for so many years.

Custom Home Designs
If you can dream it, we can help make it a reality. Many of our master-planned modular homes have received national recognition. We maintain control throughout the design process to ensure that your residence is built to the highest standards. Our custom modular homes are always gorgeous, well-appointed, and extremely comfortable. We are committed to offering our clients what their hearts desire at best possible price.

Knowledgable Staff

We manage all stages of each project; from the pre-design phase of a project through the construction and delivery. We form alliances with investors, architects, structural engineers, and specialized tradespeople. We are proud members in good standing with the Better Business Bureau. We will assist you every step of the way, with design, financing, lot preparation, loan closing, and exceptional service after your purchase is made.

Gulf Coast Homes is known for:

Huge Selection

Excellent Service

Final Product, Exceeding Expectations

Honesty, Integrity, and Great Value

 

Ouote Abraham Lincoln

Quotation: “Property is the fruit of labor…property is desirable…is a positive good in the world. Let not him who is houseless pull down the house of another; but let him labor diligently and build one for himself, thus by example assuring that his own shall be safe from violence when built.”

Modular Home Definition

Modular Home Definition


Modular Home

The modular home is one solution to the post-hurricane housing shortage that is gaining traction throughout the Gulf Coast and Delta. Not to be confused with what is often referred to as “manufactured housing” or trailers which are built to construction standards set by HUD. Modular homes are built using the same construction standards as site-built homes; the 2009 International Residential Building Code, 2008 National Electrical Code, 2008 Mechanical Code, and the LA Plumbing Code.

These codes require the builder to include about 40% more wood than what is required by HUD in “manufactured housing.” The maximum wind requirement set by HUD for “manufactured housing” is 110 mph. The minimum wind capacity construction that a Gulf Coast Home modular is built to is 130 mph. Modular construction offers some significant advantages over traditional site-built homes that are particularly well suited to the current challenges facing the Gulf Coast recovery:

1. The efficiencies of building a modular home in a controlled factory environment can deliver more housing, faster, with less waste, than site-built operations. With 90% of the construction taking place in the factory, these homes can be “set ” on-site and ready for occupancy in as little as 8 to 12 weeks. By dramatically reducing construction waste and weather-related downtime, and by maximizing the labor efficiencies of assembly line production, significant savings can be realized by the consumer.

2. The inherent precision of factory production produces a more rigid structure with fewer defects than “stick-built” housing. In the aftermath of Hurricane Andrew in 1992, government studies found that modular homes experienced less damage than other types of homes because of the precise and inflexible construction, making it ideal for resisting hurricane winds.

3. Modular Home values are tied to site-built construction homes and this will usually mean appreciable value in the future, something that is not possible with a manufactured home.

4. At modular homes, we can custom design your new modular floor plan. This is virtually impossible to do when purchasing a manufactured home and is not cost-effective when building a site-built home.

5. Many more finance options are available for modular housing because their value is tied to modular homes. Many lenders who would not consider financing manufactured housing have no problem financing modular housing due to their tendency to appreciate in value. This fact also means interest rates are usually much lower than those offered to clients looking to purchase a “manufactured home.”

 

What is a Modular Home?

Modular Home

Modular Home:

The modular home is one solution to the post-hurricane housing shortage that is gaining traction throughout the Gulf Coast and Delta. Not to be confused with what is often referred to as “manufactured housing” or trailers which are built to construction standards set by HUD. Modular homes are built using the same construction standards as site-built homes; the 2006 International Residential Building Code, 2005 National Electrical Code, and in Louisiana, the 2000 LA Plumbing Code.

These codes require the builder to include about 40% more wood than what is required by HUD in modular home construction. The maximum wind requirement set by HUD for a modular home is 110 mph. The minimum wind capacity construction that a Gulf Coast Home modular is built to is 130 mph. Modular construction offers some significant advantages over traditional site-built homes that are particularly well suited to the current challenges facing Gulf Coast recovery:

1. The efficiencies of building housing in a controlled factory environment can deliver more housing, faster, with less waste, than site-built operations. With 90% of the construction taking place in the factory, these homes can be “set ” on-site and ready for occupancy in as little as 8 to 12 weeks. By dramatically reducing construction waste and weather-related downtime, and by maximizing the labor efficiencies of assembly line production, significant savings can be realized by the consumer.

2. The inherent precision of factory production produces a more rigid structure with fewer defects than “stick-built” housing. In the aftermath of Hurricane Andrew in 1992, government studies found that modular homes experienced less damage than other types of homes because of the precise and inflexible construction, making it ideal for resisting hurricane winds.

3. Modular Home values are tied to site-built construction homes and this will usually mean appreciable value in the future, something that is not possible with a modular home.

4. At modular home, we can custom design your new modular floor plan. This is virtually impossible to do when purchasing a manufactured home and is not cost-effective when building a site-built home.

5. Many more finance options are available for modular housing because their value is tied to site-built homes. Many lenders who would not consider financing manufactured housing have no problem financing modular housing due to their tendency to appreciate in value. This fact also means interest rates are usually much lower than those offered to clients looking to purchase a “manufactured home.”

 

FAQ-$8000 Tax Rebate

Tax rebate

Frequently Asked Questions About Modular Home Buyer Tax Rebates:

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009, and before December 1, 2009.

The following questions and answers provide basic information about the tax rebate. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

1. Who is eligible to claim the tax rebate?

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax rebate. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009, and before December 1, 2009. For the purposes of the tax rebate, the purchase date is the date when closing occurs, and the title to the property transfers to the homeowner.

2. What is the definition of a first-time homebuyer?

The law defines “first-time homebuyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time homebuyer tax rebate. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time homebuyer.

3. How is the amount of the tax credit determined?

The tax rebate is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. Are there any income limits for claiming the tax credit?

Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax rebate amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax rebate program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is “modified adjusted gross income”?

Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and the first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends, and capital gains.

To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.

7. Can you give me an example of how the partial tax credit is determined?

Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax rebate is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time homebuyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax rebate of $2,800.

Please remember that these examples are intended to provide a general idea of how the tax rebate might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

8. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?

The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous “credit” was essentially an interest-free loan. This tax incentive is a true tax rebate. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax rebate amount. Certain exceptions apply.

9. How do I claim the tax credit? Do I need to complete a form or application?

Participating in the tax credit program is easy. You claim the tax rebate on your federal income tax return. Specifically, homebuyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.

10.    What types of homes will qualify for the tax credit?

Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes), and houseboats. The definition of a principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

11.    I read that the tax credit is “refundable.” What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax rebate.

For example, if a qualified home buyer expected, notwithstanding the tax rebate, the federal income tax liability of $5,000 and had a tax withholding of $4,000 for the year, then without the tax credit, the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).

12.    I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?

Homebuyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.

13.    Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the homeowner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009, and before December 1, 2009.

In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax rebate is determined by the settlement date.

14.    Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time homebuyers who purchased a home in 2008 may not claim the tax rebate if they are participating in an MRB program.

15.    I live in the District of Columbia. Can I claim both the Washington, D.C. first-time homebuyer credit and this new credit?

No. You can claim only one.

16.    I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

17.    Is a tax credit the same as a tax deduction?

No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax rebate would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18.    I bought a home in 2008. Do I qualify for this credit?

No, but if you purchased your first home between April 9, 2008, and January 1, 2009, you may qualify for a different tax rebate. Please consult with your tax advisor for more information.

19.    Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?

Yes. Prospective homebuyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take-home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax rebate qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax rebate and participate in a program financed by tax-exempt bonds. Some state housing finance agencies have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.

20.    The Secretary of Housing and Urban Development has announced that HUD will allow “monetization” of the tax credit. What does that mean?

It means that HUD will allow buyers to apply their anticipated tax credit toward their home purchase immediately rather than waiting until they file their 2009 income taxes to receive a refund. These funds may be used for certain downpayment and closing cost expenses.

Under the guidelines announced by HUD, non-profits and FHA-approved lenders will be allowed to give home buyers short-term loans of up to $8,000.

The guidelines also allow longer-term loans secured by second liens to be used by government agencies, such as state housing finance agencies, to facilitate home sales.

Housing finance agencies and other government entities may issue tax rebate loans, the funds of which home buyers may use to satisfy the FHA 3.5% downpayment requirement.

In addition, approved FHA lenders will also be able to purchase a home buyer’s anticipated tax credit to pay closing costs and downpayment costs above the 3.5% downpayment that is required for FHA-insured homes.

More information about the guidelines is available on the NAHB web site.

21.    If I’m qualified for the tax credit and buy a home in 2009, can I apply for the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax rebate. You should consult with a tax professional to determine how to arrange this.

22.    For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on which year my credit amount is the largest?

Yes. If the applicable income phaseout would reduce your home buyer tax rebate amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

Amend 2008 Tax Return

Amend 2008 Tax Return

WASHINGTON — As part of the Treasury Department’s consumer outreach effort and with the April 15 individual tax filing deadline approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first-time homebuyer credit for 2009 home purchases. For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they’ve already filed their tax return.

The Treasury Department encourages taxpayers to explore these options to maximize their credit and get their money back as fast as possible.

“The new credit can get money in the pockets of first-time homebuyers quickly,” said IRS Commissioner Doug Shulman. “For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they’ve already filed their tax return.”

First-time homebuyers represent a significant portion of existing single-family home sales. The expansion in the first-time homebuyer credit will make it easier for first-time homebuyers to enter the housing market this year.

Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

The filing options to consider are:

  • File an extension. Taxpayers who haven’t yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15.  This step would be faster than waiting until next year to claim it on the 2009 tax return.  Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
  • File now, amend later. Taxpayers due to a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later.  Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
  • Amend the 2008 tax return. Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
  • Claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than in 2008 because of factors such as job loss or a drop in investment income.

The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

IRS.gov provides more information, including guidance for people who bought their first homes in 2008. To learn more about the overall implementation of the Recovery Act, visit www.Recovery.gov.