Besides the obvious Federal Income Tax deadline which is April 18th this year, the deadline for individuals who can qualify for the Homebuyers Tax Credit is quickly approaching - April 30, 2011.
The extension was granted for members of the military, Intelligence and Foreign Service who have served outside of the U.S. for at least 90 days between January 1, 2009 and May 1, 2010. The sales contract must be signed by all parties by April 30, 2011 and closed by June 30, 2011.
Qualifying taxpayers may be eligible for either the first-time credit of $8,000 or the current homeowner credit of $6,500. To get additional information from IRS.gov, click here.
This is a wonderful opportunity for a person to have a home of their own, to raise their family, share with their friends and feel safe and secure. We're in a market that is ripe with advantages for buyers who can afford it. Prices have come down considerably in the last two to three years. Interest rates are at an almost all-time low but are expected to rise soon. The selection of homes is good which allows buyers to find the home that meets their needs.
A qualifying veteran with eligibility could get into a home with no down payment, no closing costs if paid by the seller and the tax credit. These tax credits are refundable which means that any amount that isn't used to offset tax liability will be refunded to the taxpayer in a check. You're practically being paid to buy a home.
There probably will never be this combination of advantages available for buyers who qualify. Don't miss this opportunity. You owe it to yourself and your family to see that it may actually cost you less to own than to rent and what it will take to get into a home.