Armed Service Tax Credit

Armed Service Members Have Extra Year for Home Buyer Tax Credit

Century 21 Regency Realty is announcing that members of the military, foreign service, and intelligence communities may have an additional year to buy a home and claim the home buyer tax credit, which expired for most Americans on April 30, 2010.
 
According to The Federal Housing Tax Credit the law provides qualified service members who served on official extended duty outside of the United States for 90 days or more at any time between January 1, 2009, to April 30, 2010, another year to buy a home and claim the credit. They have until April 30, 2011, to sign a sales contract, and until June 30, 2011, to settle and close on the home. Both the $8,000 first-time and $6,500 repeat home buyer tax credits are included in the rule.

The government recognized that many people in military service may have missed out on the home buyer tax credit due to being posted overseas, and it's only right that they shoudl be given this opportunity to take advantage of this credit for all the sacrifices they are making for their country.  
 
“Qualified service members” are defined as a member of the uniformed services of the United States military, a member of the Foreign Service of the United States, or an employee of the intelligence community.
 
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they have to sell their home due to receiving government orders for extended duty service.

Rates will eventually go back up. The market will swing in favor of sellers again so why not jump on the Enterprise real estate  bandwagon while you can. You can't get a better time to buy. Here are some questions about the homebuyer tax credit but for any other comments or concerns you may have on your specific buying ability, contact our office today.

If you have more questions on the homebuyer tax credit and other Enterprise Alabama real estate, don't hesitate to contact us today. We have agents that specialize in all areas of the Enterprise region and have professionals ready for every step of the home buying process.