For most Americans, the Federal Homebuyer Tax Credit has expired. However, for members of the military, , the diplomatic foreign service and the intelligence communities serving outside the United States for more than 90 days, the Federal Homebuyer Tax Credit is still available.
Here are the provisions:
* Credit Amount: $8,000 for First-Time Buyers / $6,500 for Qualified Repeat Buyers (5 of past 8 years)
* Maximum Purchase Price: $800,000
* Deadlines: Property under Contract by April 30, 2011 / Sale Closed by June 30, 2011.
* Recapture Period: 3 years - except for service related relocation.
* VA: Qualified military buyers may combine tax credit with other incentives from the Department of Veteran Affairs.
If you serve this niche market, the tax credit is still available to qualified purchasers. For more information, visit: http://www.federalhousingtaxcredit.com/service_mem.php.
Written by Ryan Shaughnessy / PREA Signature Realty. All Rights Reserved - Ryan Shaughnessy / PREA Signature Realty (2010).