Homebuyer Tax Credit Extended to April 30, 2011
The home buyer tax credit has been extended until April 30th 2009, we are all aware of that. Here is a post that I'd like everyone who's served in our military to know about: The tax credit incentives have been extended an additional year for active members of the military who are serving overseas this year.
I hope to help anyone in the Rochester, MN area as well as it's surrounding communities get into a home and take advantage of this very helpful incentive. Spring is coming and it is a great time to buy a home in southeast MN!
Thanks to Charles Dailey for this original post!
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.
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