Qualified Military may take advantage of the Federal Housing Tax Credit for an additional year

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Mortgage and Lending with Primary Residential Mortgage

The Federal Housing Tax Credit is ending soon for most:

  • The home buyer tax credit is available for most buyers who have a binding sales contract in place by April 30, 2010 and close on the purchase of their house by June 30, 2010.
  • But there is good news for Qualified Military!!

  • However, qualified military may take advantage of this Tax Credit for up to an additional year. They have until April 30, 2011 to put a house under contract and until June 30, 2011 to close on the purchase of that house.
  • Definitions

    • "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.

    For More Information visit http://www.federalhousingtaxcredit.com/service_mem.php

    This information does not constitute professional tax advice.  Consult your tax preparer prior to submitting your tax return to make sure you and your housing transaction are legally able to claim the Federal Housing Tax Credit.

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