First-Time Homebuyer Tax Credit - Armed Services Members in Colorado Springs Can Find Added Benefits
Colorado Springs is known as one of the preeminent locations for active duty U.S. military personnel to live and play.
With four major installations here (Fort Carson, Schriever AFB, Peterson AFB, and the US Air Force Academy), it's really important for personnel to know about the added benefits for armed services members that they are eligible for when buying a home here in the shadows of beautiful Pikes Peak.
The ongoing First-Time Homebuyer Tax Credit program (a.k.a, "Homebuyer Tax Credit" program) will end for most Americans on April 30, 2010.
However, two special features of the First-Time Homebuyer Credit program provide added benefits for armed services members and members of the intelligence and foreign services communities in Colorado Springs.
First, armed services members, as well as intelligence service and foreign service personnel, who are on active duty and were deployed outside of the U.S. for 90 days or more during any part of 2009, get an additional year to buy their homes, to April 30, 20ll.
Second, there's a special waiver on the required time of occupancy of the home purchased with the tax credit.
For example, home buyers who purchase their home using the tax credit program must use that home as a principal residence for three years, or will have to forfeit the entire credit.
Military, intelligence and foreign service members do not have to repay the credit if they have to sell their home after fewer than three years as a result of PCS orders or other official business.
So, right now really IS one of the best times to consider buying your first home or moving up, but especially for certain members of the military.
Other reasons to buy now:
- Some of the lowest mortgage interest rates in the last 50 years
- Great selection of homes to choose from
- Motivated sellers
- Tax benefits of home ownership
- Lower prices on homes than just 2 years ago in most markets
Homes in beautiful Colorado Springs make for a perfect investment opportunity for first-time homebuyers in the military but especially with these added benefits for armed services members.
Click here for more info on the First-Time Homebuyer Credit program with added benefits for Armed Services Members.
Cool insight: Jim Kulka is a former armed services member and RE/MAX broker who strives to provide pertinent information and time and money-saving tips to his brothers and sisters in-arms. Jim would love to hear from you and answer any of your questions about the First-Time Homebuyer Credit - Added Benefits for Armed Services Members.