Yes, if you or your spouse “served on qualified official extended duty service at least 50 miles from home for at least 90 days in 2009” you have an extra year to buy a home and take advantage of the $8,000 Home Buyer Tax Credit or the $6,500 Long Time Resident of the Same Main Home Tax Credit!
Here’s the scoop…
“Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.
Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service (at least 50 miles from home) for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.” ( IRS.gov )
So, if you are in the military and want to take advantage of the tax credit (and low rates and great home selection) , this tax-credit extension may be your perfect option! Let us know how we can help you in your home search this Summer!
Call Us At: 317 590-7335
Call Us At: 317 590-7335
Qualifications for the $8,000 Home Buyer Tax Credit
- Only first-time home buyers are eligible for the $8,000 tax credit. (This is defined as not owning a home over the past 3 years.)
- The home must be your principal residence.
- Income Limits: Single Home Buyers - $125,000. Couples - $250,000.
- Purchase Price Of Your New Home Is Under $800,000.
Qualifications for the $6,500 Home Buyer Tax Credit For Current Homeowners
- You (and your spouse if married) previously owned and used the same main home as your main home for any 5 consecutive-year period during the 8 year period ending on the date you purchased your new main home.
- Your main home is the one you live in most of the time. It can be a house, houseboat, mobile home, or condo
What are the Key Benefits of a VA Loan?
- 100% financing, no down payment loans are common.
- Sellers can pay all closing costs.
- No PMI on VA loans.
- No prepayment penalties on VA loans.
- Loan qualification is sometimes easier than if you were applying for a conventional loan.
- Less than perfect credit is usually accepted with VA loans.
- VA assistance to veteran borrowers in default due to temporary financial difficulty.
- Ability to finance the VA funding fee (no funding fee for disabled veterans).
