Yes, the tax credit is still available for vets, but it won't be for long. Military personnel and certain other federal employees serving overseas must act quickly if they plan to take advantage of the federal tax credit of up to $8,000 for first-time buyers and $6,500 for long-time homeowners, which expires on April 30 of this year. Members of the U.S. military, foreign service and intelligence communities were given an extra year to claim the tax credit, which expired in 2010 for all other homebuyers. A person who is forced to return to the U.S. for medical reasons before completing an assignment of at least 90 days of qualified official extended duty outside of the United States may qualify for the extension as well. For those who are qualified service members who are ordered on a period of official extended duty, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011 and closed by June 30, 2011. A "qualified service member" means a member of the uniformed services of the U.S. military, a member of the Foreign Service of the U.S., or an employee of the intelligence community. "Official extended duty" means any period of extended duty outside of the United States for at least 90 days during the period beginning after December 31, 2008 and ending before May 1, 2010.
Note: If you know of someone overseas who may be interested in purchasing a home using their VA benefits or conventional financing, please let us know so we can help them take advantage of this great benefit.
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