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Homebuyer Tax Credit Extended to April 30, 2011

By
Mortgage and Lending with iLoan - NMLS ID#1947845 NMLS 79048

Most know that under the Worker, Homeownership and Business Assistance Act, a one-time extension of the credit for homes purchased or under contract by April 30, 2010 was passed and a credit of up to $8,000 will apply to qualifying first-time buyers, and a smaller credit of up $6,500 will now apply to families that have lived in their homes for at least five years and wish to step up to a new home.  What some may have missed in the excitement is that the new law extends a similar credit until May, 2011 for members of the uniformed services whose duty takes them overseas. 

There are some slight differences in the credit:

1.       With the normal tax credit, if the home ceases to be the primary residence of the recipient of the tax credit within 3 years of purchase, the credit has to be repaid.  Under this credit, that provision is waived if the house is no longer a primary residence as a result of orders to go overseas again.

2.       If the contract is executed by April 2011 and close no later than 90 days later.

3.       only one spouse needs to be overseas on official extended duty for the required amount of  time to qualify for the credit

So, come April 30th, the party won't be over.  This is a real win - win but the word needs to spread on the availability of this credit because not nearly as many are familiar about this as they are about the other credits and their timeframes.  This is good for the real estate market, those in the business and it's great for our veterans.

So let's get the word out!

P.S.  Sorry for the title of the post, . . Didn't mean to give you a heart attack.

Posted by

Charles Dailey - Branch Manager, Loan Officer, Certified Military Housing Specialist - iLoan - NMLS ID# 79048 -  612.234.7283 - charles@charlesdailey.com


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Comments (7)

Lisa Schlitz
Home Run Real Estate, Inc. - Wellington, FL
Realtor - Wellington, Florida Homes 561-214-3216

Charles-thanks for the post. I was going to write something on this so mind if I re-blog?

Jan 22, 2010 10:07 PM
Charles Dailey
iLoan - NMLS ID#1947845 - Saint Paul, MN

Of course, re-blog away.  Get that word out!

Jan 23, 2010 03:24 AM
Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

This is an interesting wrinkle of which I was not aware.  Thanks for the information.  And yes. . . I almost had a heart attack reading your "headline".

Jan 24, 2010 01:58 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

Isn't this great news to keep us ticking, at least until June 30.........

Who knows if they will do extension number 3 again ;)

Jan 26, 2010 12:20 PM
Renee L. Norton
Birmingham, AL

Thanks for the post.  We certainly do not want our active duty military to miss out.

Jan 31, 2010 10:26 AM
Derrick Guevremont
Counselor Realty of Rochester - Rochester, MN
Rochester MN Homes for Sale

Excellent information again.  Thank you for the post!

Feb 03, 2010 12:07 AM
Teral McDowell
Referral Patners LLC - Murphy, TX

It is so good to see our country support the military and their families. You, Charles,  might want to reblog what with the civilian tax credit coming to a close.

Apr 07, 2010 02:49 PM