Great news for military home buyers using VA loans. The much-talked about $8,000 tax credit for first-time homebuyers recently expired for most people, But if you’re military or a certain government employee, this fantastic opportunity has been extended to 2011! You still can qualify for a tax credit of up to $8,000 even if you’re not a first-time homebuyer.
Briefly, if you sold a home because of “orders” between 1-1-09 and 4-30-10 and served at least 91 days extended duty, you will qualify for the homebuyer tax credit as long as income, sales price and age (18 years) requirements are met. You need to sign a contract by April 30, 2011 and close on your home by June 30, 2011.
Who qualifies?
- Member or spouse of “uniformed” services or the US Foreign Service
- Employee or spouse of the Intelligence Community
To also qualify, you must also have served Extended Duty for 91 days between Jan. 1, 2009 and April 30, 2010:
- Outside the US or
- Inside the US and had to relocate at least 50 miles from principal residence
Call Dean Tucker at Waterstone Mortgage – Prime Equity Group for more information (208) 287-1717. As a seasoned mortgage professional I can help you make the best decision about one of the largest financial purchases you may ever make.
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