Military Still Have Time to Save with Federal Housing Tax Credit

Posted: May 11, 2010 | Categories: News | Home Buying 101
By Highland Homes

Military Housing Tax CreditGreat news for members of the military, foreign service and intelligence communities. You may have until April 30, 2011 (an additional year) to buy a home and claim the home buyer tax credit, which expired for most Americans on April 30, 2010.

Qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between Jan. 1, 2009, to April 30, 2010, have until April 30, 2011, to place a contract on a home, and until June 30, 2011, to close! Best of all, both the $8,000 first-time and $6,500 repeat home buyer tax credits are included.

This makes it a perfect time to look at the many Orlando new homes for sale from Highland Homes.

“Congress recognized that many service members may have missed out on the home buyer tax credit due to being posted overseas," said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “It is only fitting that they be given another year to take advantage of this opportunity in appreciation of the sacrifices they have made serving our country."

Qualified service members are defined as a member of the uniformed services of the United States military, a member of the Foreign Service of the United States, or an employee of the intelligence community.

The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service.\n\nNAHB provides information on the home buyer tax credit, including eligibility requirements and links to home buying resources, on its consumer website

Tags: military IRS first time home buyer federal housing tax credit