After speaking with an active duty vet currently serving over in the Iraq War I realized that there are a lot of them who are unaware of the special extension of the 1st Time Home Buyer Tax Credit & the Repeat Tax Credit. I think this is great considering their situation, I just wish there was more attention and information for them.
VA extension update!
Armed service, intelligence service and Foreign Service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes - to May 1, 20ll. Another benefit is a waiver on the time of occupancy. Most home buyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and Foreign Service members do not have to repay the credit if they sell their home in less than three years if they move because of official business. Under the tax credit extension, eligible first-time home buyers can get a tax credit up to $8,000.
Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years. Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000.
To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.
If you know of a vet that needs more information and details on the tax credit please forward their information to me. Send this to every vet that you know, they likely will know someone serving our country.
To the veterans that read this, thank you for serving our country!
Catherine Eusea
Selling Branch Manager
Eusea Team at Prospect Mortgage
970-223-5009 Direct
720-300-6777 Cell
Email me at catherine.eusea@prospectmtg.com
www.myprospectmortgage.com/ceusea
Comments(1)